The latest numbers from the Mortgage Bankers Association show that a the refinancing boom is more than a flash in the pan.

"It's a boom all right," said David Lereah, the association's chief economist. "About 46% of applications are currently for refis. The number was as high as 53% a few weeks ago, and if interest rates stay at these lofty levels, it will come down to about 40%. But that's still a lot of refis."

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