According to the Mortgage Bankers Association, we are now in the throes of more mortgage refinancing than ever in the history of this country. It is at an all time high, they say, and the consequences of such a deluge of applicants is being felt all over. Besides giving the lending institutions an overwhelming amount of paperwork, appraisers, title companies, surveyors and the like are feeling the brunt of all this "new business."

Why? If you ask the mortgage brokers out there, they will tell you that rates are now at 40 year lows. In fact, 30-year loans can be had for under 6%. A tenth of a percentage point alteration in the interest on say a $170,000 loan spread out over 30 years can mean quite a difference in monthly payments. Take a 7% rate for 30 years on a $170,000 loan and drop that rate one full point to 6% for the same 30 years and you will see a savings of some $300 a month.

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