Refinancing surges as mortgage rates dip below 4.5% 

?A surge in mortgage refinancing applications last week is likely to create a bump in lending activity, but only for as long as mortgage rates hold below the 4.5% level, analysts say. “For lenders, when mortgage rates take a drop like they have, especially when it involves record lows, the phones ring off the hook,” said Greg McBride, a senior financial analyst with Bankrate.com.