The refinance index fell 6 percent following a 7 percent decrease in the previous week, the MBA survey showed. The purchase index surged 8 percent, after a 2 percent fall in the previous week.

The MBA survey also showed that the refinance share of mortgage activity decreased further to 53.4 percent of total applications from 55.4 percent in the previous week. The adjustable-rate mortgage (ARM) activity share rebounded to 7.9 percent from 7.5 percent.

 

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