NEW YORK (CNN/Money) - Looking past the headline today saying that demand for mortgage applications was flat last week, we see that mortgage refinancings continued to climb.

True, they have not hit the astronomical levels of 2003, but they have climbed higher and that's potentially good news for the economy.

Mortgage refi's allow people to reduce monthly payments and/or take cash out to pay off high-rate credit card debt or pay for a kid's college tuition. In other words, they keep families afloat, or in the best of circumstances allow them to do a nice home remodel.

With oil prices going even further above 50 bucks a barrel, threatening to boost gas prices and keep home heating oil costs high, refi's are a welcome offset.

As we see the weekly numbers on "Consumer Comfort" from ABC/Money Magazine sink, it's clear there are some consumers out there may be looking for a financial life raft.  

Kathleen Hays anchors CNN Money Morning and The FlipSide, airing Monday to Friday on CNNfn. As part of CNN's Business News team, she also contributes to Lou Dobbs Tonight.