Home loan application volume was up 6.6 percent last week, according to the Mortgage Bankers Association.
The association’s Market Composite Index hit 548.2 during the week, 6.6 percent greater than its reading the week before and 17.2 percent above its reading for the same week a year ago.
Refinance transactions made up 54 percent of all mortgage application volume, about the same as the week before.
The average interest rate for a 30-year, fixed mortgage was 5.44 percent. The previous week, it was 5.5 percent.
