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Mortgage refinancing heating up

NEW YORK -- The drop in mortgage interest rates to 7 percent or less nationwide has created a boom in mortgage refinancing. The Mortgage Bankers Association of America, a Washington-based trade group, says applications for refinancing have exceeded those for new mortgages for the past eight weeks. The industry predicts 2001 could be the strongest year for mortgage refinancings since 1998, when a record 7.9 million were executed.