Mortgage Applications Jump on Refinancing

Washington, DC, April 4, 2012 -- Mortgage application volume last week rose 4.8% from the prior week as refinancing picked up, the Mortgage Bankers Association said.

Refinance activity incresed 4%, according to the MBA's weekly survey, while purchasing increased 7.2%.

The latest uptick in applications halts a seven-week decline.

Refinancing slipped to 71.2% of total applications from 71.9% the previous week.

The average rate on 30-year fixed-rate mortgages fell to 4.16% from 4.23%.