Mortgage Application Volume Rises

Washington, DC, May 9, 2013 -- Mortgage application volume rose 7% for the week ending May 3, compared with the week before, according to the Mortgage Bankers Association.

Purchase applications rose 2% in the week ending May 3 while refinancing rose 8% to reach the highest level since December.

The average rate for the 30-year fixed-rate mortgage fell from 3.60% to 3.59%, the lowest rate since December.