Refinancing activity surged 21% in the week ending Oct. 8 after five weeks of declines, according to the Mortgage Bankers Association's (MBA) weekly survey. 

 "After five weeks of steadily declining rates to yet another new low, borrowers who had been on the fence jumped off, which factored into refinance activity surging more than 20 percent," said Michael Fratantoni, MBA's vice president of research and economics. The level of the Refinance Index is just under this year's high of 5085 reached in late August when 30-year mortgage rates hit a record low at the time.  

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