After surging 19.6% the last week of September as mortgage rates fell to new historic lows, refinancing activity eased back.

According to the Mortgage Bankers Association's weekly survey, the Refi Index fell 2.0% to 5336.8 in the week ending Oct. 5; however, "volume is still near three-year highs," noted Mike Fratantoni, MBA's vice president of research and economics.

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