According to the Mortgage Bankers Association’s Weekly Applications Survey, demand for loan applications was up 4.3 percent last week from the week before. The improvement was due to a 7 percent surge in refinance activity, which has been down in recent weeks. The Purchase Index was up 1 percent from the previous week. The spike in refinance activity was likely due to a decline in interest rates, which was seen across all loan categories, including 30-year fixed rate mortgages with both conforming and jumbo balances, FHA-backed loans, and 15-year fixed rate loans. The refinance share of total mortgage activity climbed to 52 percent, 1 percent higher than the previous week. The MBA’s survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. More here.