The Mortgage Bankers Association (MBA) reported Wednesday that the seasonaly-adjusted Refi Index increased 2.5% to 1640.5 from 1600.3 the previous week, but did not reflect last Friday's employment number induced rally. Researchers at JPMorgan Securities report that the seasonally adjusted Refinancing Index will likely increase to a 2300 to 2500 level next week. Meanwhile, the adjusted Purchase Index decreased by 2.7%. The overall ARM share of applications (by dollar volume), including jumbos and conventionals, topped 48%, flat from the previous week.


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