Despite mortgage rates setting new record lows, refinancing activity declined in the week ending Sept. 24 by 1.6% to ~4287 — its fourth dip in as many weeks, according to the Mortgage Bankers Association.

This has happened as the average contract interest rate for 30-year fixed rate mortgages dropped to 4.38% from 4.44%. Meanwhile, the Purchase Index rose 2.4% to ~183.

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