That is true, but only under the assumption that you can qualify for a refinance when the rates come down. Last time that rates went down that much we also had

That is true, but only under the assumption that you can qualify for a refinance when the rates come down. Last time that rates went down that much we also had a spike in unemployment and much tighter lending standards - the two seem to go hand in hand. In fact rates going down without a [corresponding] spike in unemployment is a pandemic anomaly - which allowed so many people to refinance on favorable terms.