Mortgage rates are falling and that means refinancing is picking up, mortgage industry professional Melissa Cohn told CNBC. However, it is certainly no refinance boom, she noted.
"Since the refi boom, we've had Dodd-Frank come in and there are many more restrictions in terms of getting approved for financing, so people that perhaps attempted to get refinanced during the boom are a little bit more afraid to come in today's marketplace," Cohn, president of Guardhill Financial, said in an interview with "Street Signs."
The good news, she said, is that more banks are making it a little easier to refinance.
Read MoreMortgage rates dip below 4 percent