With refinancings falling off a cliff, Bank of America (BAC) faces a much tougher road expanding its share of the mortgage market and competing against rivals Wells Fargo (WFC) and JPMorgan Chase (JPM).

On a conference call with analysts Wednesday, B of A's chief financial officer, Bruce Thompson, tried to make the case that the Charlotte, N.C., bank could rebuild its market share in a rising rate environment even though 83% of loans funded in the second quarter were refis and just 17% were loans to buy homes. Home purchases made up 44% of Wells Fargo's mortgage mix in the second quarter and 36% at JPMorgan Chase.

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