A weekly decline in refinance mortgage applications was more than offset by a surge in purchase-money activity. The jumbo-conforming spread, meantime, ballooned.

The Market Composite Index, which tracks the volume of retail residential loan applications, moved up a seasonally adjusted 1 percent in the week ended March 9.

The escalation from the week that concluded on March 2 expanded to 2 percent when seasonal factors are removed from the calculation of the index.

Source: Mortgage Daily