The Mortgage Bankers Association (MBA) Refi Index dipped to 1775.5 for the week ending Dec. 5, a 16% decline versus the prior week's holiday-adjusted level of 2100.

The drop in the Refi Index was most likely related to the rise in weekly average mortgage rates, said Art Frank, head of mortgage research at Nomura Securities International. From Dec. 1-4, the Fannie 30-year current coupon yield ranged from 5.41 to 5.47, increasing from the prior week's level of 5.26 and 5.33. Rates came down again on Friday, Dec. 5, however, after the employment report came out. "The Refi Index results were

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