Mortgage application activity was mixed, according to the Mortgage Bankers Association's (MBA) weekly survey, with the Refinance Index declining despite a slight easing in the 30-year effective mortgage rate.

Meanwhile, the Purchase Index increased as a result of a jump in government loans. Michael Fratantoni, MBA vice president of research and economics, said: "Borrowers were likely motivated to apply before a scheduled increase in FHA insurance premiums that became effective last Friday." 

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