The pace of such extractions likely dropped along with the decline in refinancing activity that followed the backup in mortgage rates that began in early November. But mortgage rates remain at low levels and should continue to underpin activity in this sector.
The answer clearly depends on what is happening to other factors as well. We should recall that at the height of the crisis in 2008/09 monetary policy was loosened despite the much more pronounced depreciation that is currently being experienced. At that stage there were a number of offsetting effects that meant that a more benign inflation outlook could be expected.