For the week ending Oct. 24, the Mortgage Bankers Association (MBA) Refinancing Index increased to 2311.8, rising 5% from 2204.1 (holiday-adjusted) the prior week.

“The increase in the index was in line with our expectations and was most likely due to a decline in mortgage rates, which dropped by roughly 5 to 10 basis points week over week,” said a Citigroup Global Markets report released this morning.

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