A recent survey indicates that homeowners are worried about rising interest rates, but they plan to refinance if necessary.

In the third annual homeowners study by Wells Fargo, one in seven respondents was holding an adjustable-rate mortgage (ARM).

Eighty percent of these homeowners were concerned on varying levels about future rate increases.

Over half of the ARM borrowers said that they could refinance their loans if necessary. Only 20% said that they were prepared for rising rates and had no plans to change their loan products.

Well's Fargo found that homeowners are looking forward to rising home price appreciation, despite the slowing of price increases across the country.

Ten percent said that they believe their homes will increase significantly in value over the next few years. Fifty-three percent said they will see "a little" appreciation, while 27% expect no change.

Over 70% of the respondents said that they consider the equity in their homes as their most important investment.

According to Freddie Mac's latest mortgage rate report, the interest rate on a 30-year, fixed rate mortgage averaged 6.40% last week. That is an increase of 0.25% year-over-year.

Doreen Woo Ho, president of Wells Fargo's consumer credit group, said that "while rates are higher than a year ago, they are still low by historical standards.