The Mortgage Bankers Association (MBA) reported this morning that the Refinancing Index dropped 20% to 3238.4 from 4047.5 last week.

The decline in the index happened despite of a slight week-over-week drop in weekly average mortgage rates, said a Citigroup report. “It appears that the number of borrowers still willing to refinance at current relatively high rates (more than 100 basis points above the June lows) diminishes every week,” stated the firm.

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