Mortgage Application Volume Increases

Washington, DC, Jan. 22, 2014 -- Mortgage application volume rose 4.7% on a seasonally adjusted basis last week, according to the Mortgage Bankers Association.

MBA said the market composite index grew 7% from the previous week on a non-adjusted basis. The refinance index increased 10% from the prior week, while the seasonally adjusted purchase index fell 4%.

The refinancing share of applications rose from 62% to 64%.

Interest rates have dropped the last two weeks.

The average rate on 30-year fixed-rate mortgages fell to 4.57% from 4.66% the prior week.