Mortgage application volume moved higher last week, and it was refinances that drove the increase. Jumbo rates remained lower than conforming rates — which rose to a seven-year high.

Applications for home loans during the week ended Oct. 19 accelerated on a seasonally adjusted basis from one week earlier by 4.9 percent, according to the Market Composite Index.

Even without any seasonal adjustments, the index — a measure of retail residential loan application volume — moved higher by 5 percent from the week ended Oct. 12.

Source: Mortgage Daily