As the year got underway, expectations were for refinancing activity to surge as the Federal Reserve began its program to buy $750 billion worth of MBS with the aim to force mortgage rates lower.

The Fed eventually increased the amount it would buy to a total of $1.25 trillion and added $300 billion Treasurys into the mix. The government also started its Making Home Affordable Plan in March to help borrowers who were underwater to be able to refinance their mortgages.

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