With the lack of refinancing response considering current level of rates, analysts are weighing whether its burnout or the lack of media effect that is causing the lackluster borrower reaction.

JPMorgan Securities analysts report that although burnout and the media effect have similar effects, these have very different results. A major difference is that while burnout is specific to a pool and only impacts seasoned collateral, the media effect is supposed to influence the entire market - which means new as well as seasoned product - explained JPMorgan.

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