Fed action pushes refis up 82%

Mortgage application volume jumped 48.1 percent last week following the Federal Reserve's move to cut two key short-term interest rates, the Mortgage Bankers Association reported today.

According to MBA, the seasonally adjusted increase was led by an 82.2 percent spike in the index that tracks refinance applications, followed by a 10.6 percent gain in the purchase-loan index.

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