To visualize the impact the recent spike in mortgage rates will have on the US housing market in general, and home refinancing activity in particular, look no further than this chart from the October Mortgage Monitor slidepack by Black Knight.
http://www.zerohedge.com/news/2016-...the+survival+rate+for+everyone+drops+to+zero)
http://www.zerohedge.com/news/2016-...the+survival+rate+for+everyone+drops+to+zero)