Mortgage Application Volume Rises

Washington, DC, Oct. 12, 2011 -- Mortgage application volume increased 1.3% last week as refinance and purchase activity picked up, according to the Mortgage Bankers Association.

MBA said the refinance index edged up 1.3%, while the purchase index grew 1.1% over a week ago.

The increases in both categories were driven by government loans, the MBA said.

The refinance share of mortgage activity remained unchanged overall, representing 79.1% of all activity.

The 30-year, fixed rate mortgage increased to 4.25% from 4.18%.

The average loan size in the U.S. hit $210,863, down from $212,736 in August.