The Mortgage Bankers Association (MBA) reported this morning that the Refinancing Index declined approximately 10% to 8204.6 from 9162.7 the previous week .

Citigroup, in a report released shortly after the MBA's announcement, said that dip in the index is primarily due to a backup in mortgage rates. The report said that the Base Mortgage Rate, based on secondary market prices, increased 16 basis points week-over-week. The no-point survey rate, based on primary market rates, also increased by nine basis points

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