This refinance boom only works if you meet these conditions:
1) Your equity is high enough. For a 30 year fixed, don’t you need at least 10% equity? If your appraisal shows your home lost value, or you refinanced out all the equity, you won’t qualify for a refinance. Sorry.
2) You qualify for a loan at today’s interest rates. Just because you got a $500K loan at 3% in 2002, doesn’t mean you will get a $500K loan today at 6%. If your income didn’t double, then you won’t qualify.
So in summary, few people will qualify to refinance.