Doesn't this really only apply to variable rates that people thought they could consistently refinance as their homes value went up? If you have a set rate you'

Doesn't this really only apply to variable rates that people thought they could consistently refinance as their homes value went up? If you have a set rate you'll just pay the same monthly payment for 30 years, I don't see how your homes value would really affect you unless you had to move and sell at a loss.