Mortgage Application Volume Surges

Washington, DC, Feb. 6, 2013 -- Mortgage application volume last week jumped 16%, the Mortgage Bankers Association said.

The refinance index rose 15% for the week ended Feb. 1 from the previous week, while the purchasing index increased 2.2%.

The share of applications filed to refinance an existing mortgage totaled 78%, down slightly from the prior week's 79%.

The average rate on 30-year fixed rate mortgage rose to 3.73% from 3.67%.