A week-over-week, rate-driven surge was recorded for mortgage refinance applications, more than offsetting a decline in applications for loans to finance a home purchase.

The Market Composite Index for the week that ended on April 21 escalated a seasonally adjusted nearly 3 percent from the previous seven-day period.

Foregoing seasonal adjustments, the index — a measure of retail residential loan application volume — was still up a solid 3 percent from the last report.

Source: Mortgage Daily