Mortgage Application Volume Surges

Washington, DC, April 20, 2011 -- Mortgage application volume rose for the first time in a month last week, according to the Mortgage Bankers Association.

MBA said its index of mortgage application activity, which includes both refinancing and home purchase demand, rose 5.3% in the week ended April 15, driven by a 10% increase requests for home purchases.

The purchase index is at its highest level since early December.

Refinancing applications rose 2.7%.

Fixed 30-year mortgage rates averaged 4.83% in the week, down from 4.98% the week before.