Mortgage rates have been on a declining trend, but demand slowed down last week largely due to fewer refinance applications, an indication that the industry should not expect a mini refi boom yet.

Mortgage applications dropped 10.1% for the week ending Aug. 16 compared to the previous week, according to data released Wednesday by the Mortgage Bankers Association (MBA).

The MBA’s survey — which covers 75% of all retail residential mortgage applications in the U.S. — found that the seasonally adjusted refinance index declined 15% from the previous week. When considering the volume details ⇒

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