Mortgage refinance applications seem to be surging as interest rates, in turn, fall.  

Wednesday morning's figures from the Mortgage Bankers Association show overall mortgage applications were up 4.7 percent last week. 

Applications to refinance existing mortgages jumped 9 percent, as interest rates are substantially lower than they were a year ago. That may be bringing more homeowners back to their lenders to refinance.

Rates jumped dramatically after the presidential election and remained higher for much of the past year, until now. 

Refinances are now down just 10 percent from a year ago because volume dropped by half for much of last year.