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SCOTT JAGOW: More people are signing on the dotted line for mortgages. Wait, I thought the housing market was cooling? Oh, there’s a catch to this. Marketplace’s Sam Eaton explains.

SAM EATON: Look a little closer at the latest mortgage numbers released this week by the Mortgage Bankers Association and there’s a message behind the madness: People aren’t opening mortgages on new homes, they’re refinancing existing ones.

That means this sudden uptick of mortgage applications isn’t likely to last says Celia Chen, director of housing economics at Economy.com.

CELIA CHEN: The increase I think in the refi index will be temporary as house price appreciation slows and as mortgage rates pick up a little bit more I think a lot of these folks who have jumped in to take advantage of the low rates will no longer be as interested in refinancing.

Especially since many are refinancing out of adjustable rates and into longer term fixed rate mortgages.

And it’s not just opportunistic consumers who are taking advantage of the recent pause in interest rate hikes.

Chen says there’s also been a rise in aggressive marketing from mortgage brokers trying to cash in while they can.

I’m Sam Eaton for Marketplace.