The Mortgage Bankers Association Refinancing Index dropped by about 20% to 2100 (holiday-adjusted) for the week ending Nov. 28, from 2612 the previous week. Without the adjustment for Thanksgiving, the index declined by 44%.

The dip in the Index is probably due to the increase in mortgage rates seen over the past week, reported Citigroup Global Markets in a report released this morning. Aside from this, the firm said it might also be that the holiday-related slowdown has been more than the MBA 1.5-day adjustment suggests.

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