In late August, when mortgage rates were well over 7% and beginning their climb toward 8%, Jeff Anderson had a client do what few other homeowners are willing to do: She gave up her 4% mortgage rate.

You’re probably thinking, “Uh, why on earth would she do that?” 

The client wanted to pay off $30,000 in consumer debt, handle home improvement projects and help her daughter start college, said Anderson, a longtime mortgage advisor in Southern California. By doing a cash-out refi, she landed a $340,000 FHA loan and locked in a 6.9% mortgage rate at the details ⇒

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