While mortgage rates declined to their lowest levels in the Mortgage Bankers Association's (MBA) survey history for the week ending April 20, refinancing activity did not see a corresponding increase.

In fact the Refinance Index declined 5.6% to ~3716 after surging 13.5% the prior week, while the refinance share of mortgage activity as a percent of total applications lowered to 73.4% from 75.2%. Since part of the reason for the prior week's jump was related to no seasonal adjustment for the Good Friday holiday, there was some expectation the index would ease back.

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