``In ancient days, when mortgage rates were different for various areas around the country and people relied on carbon paper and Fannie gold book amortization tables, mortgage volumes were cyclical. Lenders could count on a lull in the winter months, especially here in Colorado, since there were fewer home shoppers. But refi's don't have to wait until the summer - they're year 'round although no one expects mortgage rates to go anywhere for the next year or two so there's no hurry. I mention this because this morning the MBA reported that application activity was down last week about 1%, with refi's dropping 1.5% but purchases increasing almost 3%. Demand for mortgage purchases rose for a fourth straight week. Still, the refinance share of total mortgage activity was unchanged at 81% of applications per the MBA.''

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