According to the latest survey from the Mortgage Bankers Association (MBA), home loan apps increased by 45.7% for the week ending February 13.  The jump in apps was led by a 64.3% increase in refinance applications and a 10% rise in purchase apps.  The refi share of mortgage activity was up to 74.2% of total apps, up from 66.7% the week before, thanks in large part to lower mortgage rates.  The MBA's weekly survey covers about half of all retail residential loan apps, but doesn't extrapolate multiple or declined apps, which have surely risen as underwriting guidelines tightened up and home values fell.  And therein lies the rub.  More often than not, even in North Texas where values have arguably dropped less than in other parts of the country (and where, according to one recent survey, home prices have actually increased), pre-appraisal market analysis is showing that values have dropped to an extent that the refi's will not be approved.  This is probably where one the greatest hopes for the Homeowner Affordabililty and Stability Plan outlined yesterday lies.  If the plan can stem the tide of foreclosures and stop the resulting drop in neighboring home values, maybe the refi market can truly rebound.  In the meantime, the increase in refi applications is really meaningless as a mark of any recovery.