A refinance burst bumped up weekly mortgage applications, while a healthy year-over-year ascension has been recorded for purchase financing applications.

Based on the Market Composite Index, new mortgage applications completed during the week ended Nov. 10 were up a seasonally adjusted 3.1 percent from the preceding week.

The week-over-week escalation was just 2 percent when no seasonal adjustments are made to the index — a measure of retail residential loan application volume.

Source: Mortgage Daily