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.

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