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According to the Mortgage Bankers Association of America, the Federal Reserve's inaction at its last meeting, coupled with falling interest rates, has caused mortgage refinancing to jump.
The purchase index rose 1.7 percent in the week ended August 25 to a seasonally adjusted 298.6, which is up from last week's revised 294.4. The purchase index was slightly lower than the four-week-ago figure of 306.6 and above the year-ago reading of 289.5.
The refinance index jumped 3.0 percent from last week's seasonally adjusted 383.6 to 395.0. The refinance index is higher than the four-week-ago figure of 346.0, but is significantly lower than the year-ago figure of 456.4.