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Backup dampens refis, but expect faster short-term prepays

The Mortgage Bankers Associ-ation (MBA) reported that for the week ending March 26, the Refinancing Index dropped 2.6% to 4857.6 versus 4988.7 the prior week. The drop reflects the rise in mortgage rates week over week.

The marginal drop in the index is not surprising considering that rates were...

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