Mortgage Application Volume Surges

Washington, DC, Oct. 3, 2012 -- Mortgage application volume last week jumped 17% as mortgage rates hit new record lows, the Mortgage Bankers Association said.

The refinance index rose 20% from the previous week to its highest level since April 2009, while the purchasing index rose 3.9% from a week earlier, MBA said.

The share of applications filed to refinance an existing mortgage represented about 83% of total applications, up from 81% in the previous week.

The average rate on 30-year fixed-rate mortgages dropped to 3.53% from 3.63% in the previous week.