Current ‘so called’ mortgage metrics are not necessarially useful now or in the future. Ratios and numbers can always leave room for interpretaion and misdiagnosis.   Definately positive refi action is taking place for the strapped borrowers and principal committed investors; the GSE’s should keep this effort going. However… If foreclosure mitigation and borrower forbearance refinancing are counts which are included in overall refinancing – well that can blurr the condition of the lending industry and the real estate market’s overall recovery.