Refinance Applications Surge on Lower Rates - Purchases Fall

" MBA's Market Composite Index, a measure of mortgage application volume, increased 4.1 percent on a seasonally adjusted basis from one week earlier. This follows a jump of 21.7 percent recorded in the previous week. The current increase on an unadjusted basis was 3.6 percent although the index was 13.5 percent lower than during the same period in 2010."