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.

Citigroup Global Markets said that the drop was most likely related to the rise in weekly average mortgage rates. Analysts also attributed the dip to the official start of the holiday season, combined with the ill weather in the Northeast.

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