This bit of data arrived via e-mail from the Mortgage Bankers Association: Despite the upward drift in mortgage rates.

This bit of data arrived via e-mail from the Mortgage Bankers Association: Despite the upward drift in mortgage rates, refinancings continue to account for more than a third of all of recent origin mortgage applications.

That's surprising because refinancing is greatest in number appealing when rates are going down, not up A lower rate allows a homeowner to replace an older mortgage with the same that has a smaller monthly payment.

There are couple reasons people would refinance when rates are rising.

The first is to master cash out of a family circle Home values have been soaring in the past small in number years, leaving many homeowners with properties worth far more than they owe forward their mortgages. By refinancing with just discovered bigger loans, even at higher interest rates, these borrowers can pay not upon older mortgages and have coin left over for other things.

This can make perception - sometimes. Rather than incite to a ...