Yes, the super low rate in the last 3-5 years basically did all refi
business for the next 7-10 years, and may be longer.
Almost all banks have this problem. They are laying off employees working in
mortgage BU.
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以前ref的人数远多于买房的人数。很多人只买了一个房子，却每半年ref一次。
现在rates的长期规律是升，fixed rate refinance几乎就没有了，只有
arm refinance成fixed rate. 生意下降了很多，就只能裁员了。
