Mortgage loan application volume surged 14.6% on a seasonally adjusted basis and refinancings jumped 21.0% during the week ended Oct. 8 due to lower mortgage rates, according to data released Wednesday by the Mortgage Bankers Association.

The four-week moving average for the weekly mortgage applications survey was up 3.0%.

The purchase component was down 8.5% from the previous week and its four-week moving average fell 0.3%. The four-week moving average for refinancings increased 3.9%. Refinancings accounted for 83.1% of applications in the week, up from 78.9%.

The average interest rate for a 30-year fixed-rate mortgage fell to 4.21% from 4.25%, while 15-year fixed-rate mortgages averaged 3.62% after 3.73% last week.

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