Mortgage applications during the week ended March 13 rose 21.2% on a seasonally adjusted basis from the previous week, bolstered by close to a 30% week-to-week jump in refinancing that some think could mark the beginning of an upward trend.

Although the most recent uptick in apps followed the introduction of the government Home Affordable Refinance Program (HARP) on March 4, market participants and observers generally think it probably does not yet reflect that program's effects.

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