Mortgage Application Volume Rises Despite Rates

Washington, DC, June 12, 2013 -- Mortgage application volume last week jumped from the prior week despite an increase in interest rates, according to the Mortgage Bankers Association.

The market composite index was up 5% for the week ended June 7 from the previous week and included an adjustment for the Memorial Day holiday.

The refinance index increased 5% from the prior week while the purchasing index also rose 5%.

Refinancing applications accounted for 69% of total volume, up from to 68% a week earlier.

The average rate on 30-year fixed-rate mortgages with conforming loan balances jumped to 4.15%, the highest rate since March 2012.