Refinance Wave

No, it's not like a Jeep wave. It's a financial Thing, usually driven by The Fed steadily lowering interest rates, such that old fixed rate loans that were set at, say, 7%, and couldn't be refinanced for 5 years after the loans were made...are now coming free.

So those homeowners who are able to cut their mortgage payments dramatically by financing...then opt for the 4% fixed rate loans and save bundles.

It's like a wave at a football stadium: it all happens at scale because of some momentous trigger event, like the whole Fed-dropping-rates thing.