Mortgage Applications Rise on Lower Rates

Washington, DC, Sept. 26, 2012 -- Mortgage application volume rose last week as interest rates dropped to record lows, according to the Mortgage Bankers Association.

MBA said its seasonally adjusted index of mortgage application activity rose 2.8% in the week ended Sept 21.

Refinancing applications climbed 3.3%, while home purchase applications added 0.7%.

The refinance share of total mortgage activity increased to 81.2% of total applications, the highest share since early August.

Fixed 30-year mortgage rates fell to 3.63%, the lowest level in the history of the survey.

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