As rates fell, mortgage refinancing put billions of dollars into the pockets of homeowners without raising their monthly payments.

Even as mortgage refinancing fades, curtailing consumption, business spending on the tools of production is picking up, sustaining a tenuous upturn.

Almost on cue, as if business spending and mortgage refinancing were coordinated, refinancing applications have plunged.

"Now that the mortgage refinancing has ended, the leverage to take on more debt should disappear."

Rising interest rates and a drop in mortgage refinancing have taken the edge off the recovery without stopping it, according to many auto analysts.

The boom in mortgage refinancing added thousands of jobs in the financial services sector.

Stocks ended the day down slightly, which analysts attributed to the bond market's reversal and the possibility that mortgage refinancing may begin to slow.

The hot market for housing sales and mortgage refinancing means that jobs related to providing mortgage credit are growing.

The boom in mortgage refinancing may be coming to an end, however.

The housing market has remained generally healthy and mortgage refinancing has given households extra cash for spending and paying off high-interest debt.