One reason for this phenomenon is that homeowners can refinance at a lower fixed interest rate.

The results are similar to when a homeowner refinances his/her mortgage at a lower interest rate.

Now that long-term rates have fallen so sharply, homeowners are refinancing their mortgages.

With lower interest rates, homeowners can refinance mortgages and stand to see their homes appreciate in value.

As interest rates fell last year, for example, many economists thought that homeowners would refinance mortgages to lower their monthly payments.

Lower interest rates prompt homeowners to refinance their mortgages.

Falling mortgage rates prompt homeowners to refinance their home loans.

Responding to lower interest rates last year, homeowners refinanced $140 billion worth of mortgages in which they borrowed additional money.

That is because homeowners often refinance when interest rates drop, causing liquidation of the securities.

In some cases, homeowners have been refinancing for a second or third time.