Refinance activity continues to play a dominant role in new mortgage production, according to a new analysis and ranking by Inside Mortgage Finance. Refinance loans – including rate-term refis and cash-out transactions – accounted for 53.5 percent of the estimated $645.0 billion of home loans originated during the first quarter of this year. That was up slightly from the estimated 51.7 percent share that refinancing accounted for in all of 2004. …