Citigroup Global Markets said that the rise in this week's Refi Index was roughly in line with recent historical trends and can be largely attributed to the drop in weekly average mortgage rates seen the previous week. Earlier Wednesday, the Mortgage Bankers Association (MBA) Refinancing Index rose to 2072.9 for the week ending Dec. 12, increasing roughly 17% from the previous week’s showing of 1775.5.

Meanwhile, the MBA Purchase Index rose to 437.2 from 399.8 the previous week, which is a 9% increase week over week (seasonally adjusted). The MBA Total Market Index rose by about 13% (seasonally adjusted). The refinance share of total applications increased to 51.8% from 49.4% a week ago

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