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Mortgage refinance applications surge 9 percent as rates fall back

Mortgage refinance applications surge 9 percent as rates fall back

"The refinance share is at its highest level since September," said Mike Fratantoni, chief economist at the MBA. "Purchase volume continues to be supported by a strengthening job market." Mortgage applications to purchase a home increased 2 percent for the week and are now 8 percent higher than a year ago. While buyer demand remains strong, the supply of affordable homes for sale is not, and that is holding back a more robust market for purchase loans.

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