Conventional refinance mortgage application numbers affected by low rates during last week's market volatility are expected to come in roughly around 20% lower than they were when the Mortgage Bankers Association's application index hit its peak last year, according to a Credit Suisse report Monday.

“Overall we're expecting the response to be about 20 to 25% below last year's response on a rate adjusted-basis,” Credit Suisse managing director Dale Westhoff said in an interview.

“It is really just a smaller refinanceable universe,” said Westhoff, Credit Suisse's global head of securitized product research, explaining why the number is expected to come in relatively lower than last year's high.

He noted that the relative decline in the refinanceable universe is in terms of Home Affordable Refinancing Program or HARP eligibility as well as the relative rates of outstanding loans.

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