The drop in application activity in last week's Mortgage Bankers Association (MBA) survey - with both the refinancing and purchase indexes declining by 5% - was described by analysts as an aberration and not really meaningful.

With mortgage rates continuing to trend lower last week (Freddie Mac's Primary Mortgage Market Survey last week reported that the 30-year fixed rate fell to a new all-time low of 6.22%), nobody is really expecting the drop in application activity to continue for this week's Refinancing Index. In fact, JPMorgan researchers said they expect the Index to move into the mid-to-high 5000s in this week's results.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.