The deposit rate has been a better guide to the policy stance than the refi rate has.
Before the crisis, the ECB would aim to keep overnight interest rates close to the refi rate.
She used that money to pay off her bills, but Mitchell says now that refi-loan was a mistake.
Keeping the totemic refi rate above zero may be seen as necessary to prevent inflation expectations from drifting up.
The European Central Bank (ECB) certainly remains on tenterhooks with about 30% of futures dealers pricing in a refi-rate (refinancing rate) cut on Thursday.
The cooling of the refi boom could hurt earnings, on balance.
The MBA refi-index rose by 4.4% according to the data.
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Barclays Capital said Wednesday that it expects just a 25 basis point reduction in the main policy rate, known as the refinance, or refi rate, from the European Central Bank.
In effect, the bank now has a target range for short-term rates: the upper bound is the 1% refi rate and the lower bound is the rate the central bank pays on banks' deposits with it, currently 0.25%.
And if borrowers place some of the withdrawal from a home-equity loan, a line of credit or cash-out refi in a bank or brokerage account, it will likely lead to a smaller financial-aid package for the next academic year.
Just over 61, 000 of these borrowers did a cash-out refi during the 12 months ending early February, up 7% from the same period ending a year prior, according to data compiled for The Wall Street Journal by SMR Research, a mortgage-research firm in Hackettstown, N.
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