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The Refinance Index increased 21 percent from the previous week, while the seasonally adjusted Purchase Index decreased 8.5 percent from one week earlier.

“Refinance application volumes are now close to the highest level this year,” said Michael Fratantoni, MBA’s vice president of research and economics.  “Purchase activity remains generally weak, but applications for conventional purchase mortgages are now at their highest level since the beginning of May following the expiration of the tax credit.”

The refinance share of mortgage activity increased to 83.1 percent of total applications from 78.9 percent the previous week and is the highest refinance share since January 2009. The adjustable-rate mortgage (ARM) share of activity decreased to 5.4 percent from 6.1 percent of total applications from the previous week.

Reprinted From C.A.R.