The mortgage refinancing wave is coming to an end. Seems that those who could refinance have mostly done so by now. Going from 6.25% to 4.75% will reduce homeowners' payments significantly. On a $200,000 mortgage this is a savings of over $200 per month. Of course state, local, and federal tax increases as well as higher gasoline prices will take some of that away. It is positive for the consumer nevertheless.
This has been the single most powerful stimulus package to the economy so far, because those who were able to refinance are also the stronger consumers who will be able to spend (those with steady jobs and equity in their home were the only people able to refinance). And unlike other governemnt stimulus programs, this has put money directly in people's pockets. Also it is not a one-time tax refund type stimulus. The savings are monthly for the next 30 years. The question remains as to whether much of this money will end up going back into the economy.
Mortgage Bankers Association Refinancing Index