Mortgage Applications Surge

WASHINGTON (AP) -- Mortgage application volume increased 3.8 percent during the week ending Oct. 26, according to the Mortgage Bankers Association's weekly application survey.

The MBA's application index increased to 681.7 from 656.5 the previous week.

Growth in applications was driven by rising refinance volume. Refinance application volume increased 9.2 percent, while purchase volume dropped 0.7 percent. Refinance volume accounted for 49.6 percent of all applications, compared with 47 percent the previous week.

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