Mortgage Application Volume Rises Last Week

Washington, DC, Oct. 8, 2014 -- Mortgage application volume increased 3.8% last week from the previous week, according to the Mortgage Bankers Association.

The seasonally adjusted Purchase Index increased 2% from one week earlier to the highest level since early July. However, it was 8% lower than the same week one year ago.

The Refinance Index increased 5% from the previous week.

The refinance share of mortgage activity remained unchanged at 56% of total applications from the previous week.

The average contract interest rate for 30-year fixed-rate mortgages decreased to 4.30% from 4.33%.