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US weekly mortgage applications bounce back

U.S. mortgage applications increased 4.7% on a seasonally adjusted basis in the week ended Dec. 1 from the previous week, when they were down, according to the latest survey of the Mortgage Bankers Association.

On an unadjusted basis, the market composite index, a measure of mortgage loan application volume, rose 47% from the previous week.

The seasonally adjusted purchase index advanced 2% from the prior week while the unadjusted index rose 38%.

The refinance index climbed 9% from the previous week. The refinance share of mortgage activity increased to 51.6% of total applications, up from 48.7% the previous week, hitting the highest level since September.