Mortgage Application Volume Up on Refinancing

Washington, DC, Jan. 16, 2013 -- Mortgage application volume jumped 45% last week, though interest rates remained the same or increased, the Mortgage Bankers Association said.

The refinance index rose 44% for the week ended Jan. 11 from the previous week. The purchasing index was up 13% from the prior week, MBA said.

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 was unchanged from the prior week's 3.61%.