41.   People who expect to move soon generally should not refinance their loans, since it may take many months to recoup the associated costs.

42.   Rates also could drop lower if large holders of mortgage securities start swapping into Treasuries on concern that lower borrowing rates will prompt homeowners to refinance their loans.

43.   Short-term interest rates, with which the bank was refinancing the loan, rose further than expected several times during the year.

44.   Since its purchase, Greenthal has increased rents and consolidated and refinanced the loan.

45.   Steady mortgage rates reduce the risk that homeowners will refinance the loans that back mortgage securities, forcing bond investors to find new investments at lower yields.

46.   That has made it easier for homeowners to refinance their loans at lower rates, ripping mortgage bonds away from investors sooner than expected.

47.   That view benefited mortgage securities by reducing the risk that another round of interest rate cuts will enable even more homeowners to refinance their loans.

48.   The decline has fed expectations that more homeowners will refinance the loans backing mortgage securities, handing investors their money back early.

49.   The failure was noteworthy, analysts said, because banks, other than Sakura Bank Ltd., its main bank, refused to refinance Toshoku loans.

50.   The failure was particularly noteworthy, analysts said, because banks, other than Sakura Bank Ltd., its main bank, refused to refinance Toshoku loans.