The rebound in the MBA Refi Index last week probably confounded some people in the mortgage market given prior expectations that prepayments were going to drop off substantially based on the back-up of rates late last year, some market observers said.

The 43% jump in refi activity to 2767 from the prior week's 1937.6 seems to indicate that the refi boom is not yet over, and the expected trail-off in refinancings may not happen yet.

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