Mortgage Application Volume Surges

Washington, DC, March 6, 2013 -- Mortgage application volume rebounded last week after three straight weeks of declines, according to the Mortgage Bankers Association.

MBA said its seasonally adjusted index of mortgage application activity rose 14.8% in the week ended March 1, the highest level since mid-January.

The index of refinancing applications also rose 14.8%. Purchase applications accelerated 15%.

The refinance share of total mortgage activity was unchanged from the previous week at 77% of applications.

Fixed 30-year mortgage rates averaged 3.70% in the week, down from 3.70%.