Refinancing activity increased slightly in the week ending Sept. 14 as new lows in mortgage rates were set.

The Mortgage Bankers Association (MBA) reported the Refinance Index increased 0.8% to 4765.3 with the average contract interest rate for 30-year fixed conforming loans at 3.72%, down three basis points from the prior week, while Federal Housing Administration rates held at a record low 3.50%.

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