Mortgage application volume soared 11.1% in the week ended Sept. 7, after an upward adjustment for the Labor Day holiday, according to the Mortgage Bankers Association's (MBA) weekly mortgage applications survey.

While the market composite index jumped 11.1%, seasonally adjusted, without the adjustment, the index slumped 12%. Refinances grew 12% on an adjusted basis, and the purchase index jumped 8%, seasonally adjusted (off 15% without the adjustment).

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