Mortgage applications are on the rise again. It is quite likely that the fact that Congress extended the first time home buyer tax credit probably contributed in part to the change. However, refinancing has also gone up quite a bit. The Atlanta Business Chronicle reports on the latest mortgage applications data:

The Mortgage Bankers Association’s Market Composite Index, a measure of mortgage loan application volume, increased 3.2 percent on a seasonally adjusted basis from a week earlier.

The Refinance Index increased 11.3 percent from the previous week.

The refinance share of mortgage activity increased to 71.5 percent of total applications from 66.1 percent the previous week, the highest share since May.

Clearly, right now, even with the tax credit, refinancing is the bigger focus. No wonder JPMorgan Chase is getting ready to hire 1,200 new mortgage loan officers.