Mortgage Application Volume Up on Refinancing

Washington, DC, Feb. 3, 2010--Mortgage application volume last week rose a seasonally adjusted 21% from the week before, according to the Mortgage Bankers Association.

"Mortgage application volume rebounded last week, returning the purchase and refinance indexes to levels from mid-December," said Michael Fratantoni, MBA's vice president of research and economics, in a news release.

Refinancing applications rose 26.3% for the week ended Jan. 29 compared with the prior week.

Mortgage applications for loans to purchase a home rose a seasonally adjusted 10.3% on a week-to-week basis.

Refinancings made up 69.2% of all applications filed last week, up from 67.6% the previous week.