Nothing warms the heart of a mortgage banker (or mortgage broker) more than falling interest rates and a good old-fashioned refinancing boom.

How low are mortgage rates? A consumer with "A" quality credit can now command a 7%, 30-year fixed-rate loan (the most common type of mortgage) with no points. Seven short months ago the best the same customer could do was 8.5%--and just about no one was refinancing.

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