Mortgage Application Volume Surges

Washington, DC, Jan. 9, 2013 -- Mortgage application volume last week rose 11.7%, according to the Mortgage Bankers Association.

The refinance index rose 12.1% on a seasonally adjusted basis, while the purchasing index was up 9.6%.

The share of applications filed to refinance an existing mortgage totaled 82%.

The average rate on 30-year fixed rate mortgages with conforming loan balances rose to 3.61%, from 3.52% in the previous week.