Mortgage application volume increased by 17 percent last week as prospective borrowers seized on lower interest rates, according to the Mortgage Bankers Association.
The MBA’s market composite index was also 64.5 percent above its reading of a year ago. The refinance index increased by 22.5 percent from the previous week and the purchase index increased by 9.5 percent.
In all, refinance applications accounted for 59.8 percent of all mortgage activity during the week. The average contract interest rate for a 30-year home loan was 5.02 percent.
