Last week's slight decline in the Mortgage Banker's Association's (MBA) Refinancing Index was considered by Street analysts to be somewhat of a surprise or even an aberration, especially given that the prior week's strong mortgage market rally brought mortgage rates to record lows once again.

For the week ending Nov. 8, the Index declined by just 1% to 4825.6 from 4875.1 the previous week. Researchers from Salomon Smith Barney said that the most reasonable explanation for the modest dip was that the market rally happened on a Thursday, and it actually took some time for the low rates to filter through into the primary market.

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