Even as interest rates on residential loans surged to the highest level in more than two years, refinance share of mortgage applications widened.

A seasonally adjusted 4 percent decline from one week previous was recorded for the Market Composite Index for the week ended Dec. 9.

Foregoing seasonal adjustments, the index — a measure of mortgage loan application volume — was down 5 percent on a week-over-week basis.

Source: Mortgage Daily