Washington, DC, Dec. 5, 2012 -- Mortgage application volume rose 4.5% last week, according to the Mortgage Bankers Association.
Applications for refinancing rose by 6%, while purchase applications increased by 0.1% from the previous week.
Unadjusted, the purchase index rose by 36% compared with the previous week and fell by 0.1% compared with the same week a year ago.
Refinancing accounted for 83% of all applications.
The average interest rate for a 30-year fixed-rate mortgage decreased from 3.53% to 3.52%, equaling the lowest rate ever in the 22-year history of the MBA survey.