There are refi booms and then there are refi booms. Numbers were never higher than they were on several weeks in 2009 and they were never “extremely elevated for nearly 2 years” like they were from August 2011 through May 2013. It would take some doing to get back to those levels, but relative to the past few years of refi demand, things are picking up quickly.
Source: Kevin Litwicki Universal Lending
Time For the Next Refi Boom?