The refinance craze is on its way out, lasting longer than most projected. In the meantime, mortgage applications for U.S. home loans are falling as rates continue to climb.

Banking expert Christopher Whalen, writing for Zero Hedge, warns investors, saying they need to ignore excessive optimism and recognize where the market is going. 

From the Zero Hedge site, one analyst states:

Bottom line is that investors need to stop listening to the happy talk coming from the economists, and start focusing on what banks and other lenders are saying and doing operationally to adjust for the mortgage market of 2014 and beyond.  To their credit, JPM, WFC and other banks have been pretty forthright in providing forward guidance.  But does anyone want to hear it?