This would free up cash now, while still minimizing their exposure to rising rates during the period they expect to remain in the house.

As long as U.S. rates are rising you've got this double-whammy effect of spare cash looking for yield and yield is there,

As long as U.S. rates are rising you've got this double-whammy effect of spare cash looking for yield and yield is there (in the U.S.),

You could go to almost any lender and for no fees find yourself with a decent rate.

Does that mean (consumers will) stop borrowing because it costs them another $5 a month? Probably not. It may influence decisions. I don't think it halts decisions.

It doesn't sound like either of them got a particularly good deal.