Although refinancing has continued to be muted given all the post-downturn market conditions that counteract today’s rates, reaction to recent prepayment reports show some speeds are still surprising to the upside in some cases.

Derek Chen, a researcher at Barclays Capital, said in a Sept. 9 interview that he still thinks the best those looking for a pickup in refinancing can hope for is a mini-refi wave in a historical context.

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