The number of borrowers who refinance their mortgages will continue to dwindle in 2014, according to a report from Freddie Mac.

Refinances will make up just 38% of single-family originations this year—down from 60% in 2013 and 70% in 2012, according to Freddie Mac’s Tuesday press release. Rising long-term interest rates and a shrinking pool of potential borrowers have combined to slow refinancing activity in recent months, Freddie Mac’s chief economist Frank Nothaft says in the release.

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