Mortgage Application Volume Picks Up

Washington, DC, June 6, 2012 -- Mortgage application volume last week rose 1.3% from the prior week, the Mortgage Bankers Association said.

The refinance index increased 2% from the previous week to its highest level since Feb. 10, and accounted for 78% of total applications.

Purchasing activity declined slightly from one week earlier.

The average rate on 30-year fixed-rate mortgages fell to 3.87%, the lowest rate in the survey's history, from 3.91%.