Even though the week ended January 4 was shortened by the New Year's holiday mortgage application volume rebounded strongly. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of application volume, was up 23.5 percent on a seasonally adjusted basis compared to the previous week and 68 percent on an unadjusted basis. The week's results include an adjustment for the New Year's Day holiday. Refinancing activity came in hot; the Refinance Index rose 35 percent and the refinance share of mortgage activity increased to its highest level since last February, 45.8 percent. The previous week the refinancing share was 42.7 percent.