In a mortgage-backed market filled with uncertainty, there appears to be at least one growing consensus among market participants: This year could see a significant uptick in refinancing.

The potential for a refinancing wave hinges on the fact that the 30-year conventional mortgage rate has dropped below 6% for the first time since 2005. Coupled with the fact that the Mortgage Bankers Association's (MBA) Jan. 23 Refinance Index was up 16.9% to 4178.2 from 3575.5 the previous week, conditions appear to be ripe for a flood of refinancing.

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