Refinance activity is supposed to wax and wane like the phases of the moon as interest rates rise and fall through time, but 2006 is proving that there is now a substantial built-in demand for home loan refinancing. An estimated $724.0 billion of refinance mortgages were originated during the first half of 2006, or 48.1 percent of total production. While not much of that business is tied to traditional rate/term refi activity, consumer demand for cash-out transactions remains strong...[Includes 1 full page of charts]