Mortgage Application Volume Surges

Washington, DC, June 13, 2012 -- Mortgage application volume last week jumped 30% from the prior week, the Mortgage Bankers Association said.

The refinance index increased 32% from the previous week, while the purchasing index gained 13%.

The share of applications filed to refinance a mortgage made up 78.8% of total applications.

The average rate on 30-year fixed-rate mortgages rose to 3.88% from 3.87%.