Mortgage Applications Spike Higher Last Week

Washington, DC, Jan. 14, 2015 -- Mortgage application volume spiked last week, according to the Mortgage Bankers Association.

A decline in interest rates, combined with new reduced costs popular mortgage products, resulted in a sharp rise in both purchase and refinance applications.

Total application volume rose 49.1% from the previous week on a seasonally adjusted basis.

Purchase applications rose a seasonally adjusted 24% from the previous week while refinancing applications jumped 66% to their highest level since July 2013.