Refis Surge 44.5%

The Refinancing Index surged 44.5% for the week ended Sept. 4 to its highest level since late February, as mortgage applications rose 26.3% overall, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey.The Purchase Index rose 11.1%, the Conventional Index increased 28.5%, and the Government Index was up 17.9%, the survey indicated. On a seasonally adjusted basis, the Market Index rose from 425.2 the previous week to 542.6; the Purchase Index increased from 269.4 to 305.1; the Refinancing Index soared from 1331.5 to 1924.0; the Conventional Index jumped from 540.9 to 701.8; and the Government Index rose from 232.1 to 276.9. Refinancings represented 52.1% of total applications, up from 45.5% the previous week, while adjustable-rate mortgages accounted for 8.6%, up from 7.7% the week before. The Refi Index level of 1924.0 was its highest since the week ended Feb. 20, when it stood at 2005.6. Overall, applications were 162.3% higher than in the same week last year. The address of the MBA's website is http://www.mbaa.org.