The Mortgage Bankers Association (MBA) reported this morning that for the week ending Sept. 5, the Refinancing Index rose by 16% to 2307 (without adjusting for Labor Day). On a holiday-adjusted basis, the Refi Index increased 45.5% to 2883.6 from 1981.5 the previous week.

“The rise in the index is somewhat surprising given that average mortgage rates were practically unchanged week over week,” said Citigroup Capital Markets in a report released this morning. The report also said that there may be several reasons for the rise in the Index.

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