Mr. Perry lives on the East Coast, where home values are still rising. You won’t see a mini refinancing boom here, because homes values have fallen, and banks won’t lend you more than the home value. Mr. Perry also must have used stated income or had a 50% raise, because today’s ARM refi borrower needs 50% more income to afford a 50% higher payment at today’s rates.

Nice try, murray, but your’re tangoing with the wrong person. I actually know what I’m talking about.