\ɹɪfa͡ɪnˈans wˈe͡ɪv], \ɹɪfaɪnˈans wˈeɪv], \ɹ_ɪ_f_aɪ_n_ˈa_n_s w_ˈeɪ_v]\
Definitions of REFINANCE WAVE
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Period in which a large number of borrowers refinance to change interest rates. When short-term interest rates decline, borrowers may replace long-term mortgages with short-term ARMs. When short-term rates rise, borrowers may replace short-term ARMs with long-term fixed mortgages to lock in current rates.
By Henry Campbell Black