Mortgage applications were up 6.9 percent last week across the country, according to the Mortgage Bankers Association.
The MBA’s refinance index was up 13.5 percent from the week prior and the purchase index fell 11.2 percent.
The four-week moving average for mortgage loan volume is up 1.6 percent, while the purchase index is down half a percentage point and the refinance index is up 2.3 percent.
Refinance activity accounted for more than 75 percent of total applications last week, which the MBA said was a response to a drop in 30-year mortgage interest rates.
