If I could get 4.75 and cashout a little equity I might actually spend a little money on some things I need.... flooring, some counter tops, a newer used car, to get out of town for the first time in almost 2 years. I guess that is the idea of overnight rate cuts, but I too think the rates haven't translated through the system down to refi's. I guess mortgage bankers aren't in full panic mode. But, I'm armed with a badass credit rating and willing to waiting them out. I don't think we've hit the the bottom on the economic slow yet. I don't see any earnings growth (other than via cost cutting) anywhere for any reason really.
