The nation's refinancing boom has been plowing along for two years now — and just when it appears that everyone who could refinance has already done so, rates drop yet again, setting off another round of activity.

In 2011 mortgage bankers funded $1.5 trillion of loans, 66% of which were refis. For 2012 the industry is on track to originate another $1.5 trillion, but this time around refis are likely to represent 75% of the pie, maybe even more, according to figures compiled by National Mortgage News and the Quarterly Data Report. What's going on here?

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