This is a revised version, updated Jan. 22, of an article initially published on Jan. 14.Mortgage refinancing is rising in popularity again -- and in light of today's emergency 0.75 percentage-point interest-rate cut by the Federal Reserve, it may look like an even better move. With the refinance share of mortgage activity last week increasing to 62.7% of total applications from 57.7% the previous week, as the Mortgage Bankers Association announced Wednesday, it's clear that a lot of people have already jumped on board. The average contract interest rate for 30-year fixed-rate mortgages decreased in the week ending Jan. 11 to 5.62% from 5.73%, while the 15-year fixed-rate mortgages decreased to 5.07% from 5.21%, says the MBA. "Given the current trends in the housing market and the economy in general, it would not be surprising to see mortgage rates moving lower through out 2008," says Steve Habetz, president of Threshold Mortgage in Westport, Conn. He suggests that if one needs to refinance, now is a good time to do so: "Rates tend to move down slowly and up with a vengeance." "While there's a chance rates could drop further, there is more room for them to go up," agrees Sue Baxter, a senior loan officer with IndyMac Bank in Stamford, Conn. For those considering a refinance, "waiting for a 0.125% rate change or better is a gamble," she says. "Some banks offer a float-down option which may enable a borrower to take advantage of a rate drop." There are a couple other factors homeowners may want to keep in mind when considering a refinance.