The Mortgage Bankers Association's (MBA) Refinance Index reversed out exactly the prior week's percentage decline, increasing 15.3% to 3268.7 for the week ending Dec. 2.

"Coming out of the Thanksgiving holiday, applications increased significantly as mortgage rates dropped to their lowest levels in about two months," said Michael Fratantoni, MBA's vice president of research and economics. "In particular, refinance applications increased sharply, with some lenders seeing refinance volume double."

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