The Mortgage Banker's Association's seasonally-adjusted Refi Index more than doubled last week, spiking 106% to 1572.1, and mortgage market observers are predicting that the index is going to continue to peak up in the next few weeks.

In fact, the surge of refi activity has been so overwhelming that several large originators were reporting heavy refinancing activity and application processing, keeping their doors open over the weekend, leading some participants to suggest that major lenders may have to revamp their marketing departments for the short-term.

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