Mortgage Applications Rise After Previous Decline

Washington, DC, Sept. 14, 2011 -- Mortgage application volume rose 6.3% last week from the previous week, according to the Mortgage Bankers Association.

Refinancing increased 6%, while purchase applications rose 7%.

Rates on 30-year fixed-rate mortgages averaged 4.17%, down from 4.23%, while the average for 15-year fixed-rate mortgages fell to 3.4% from 3.41%.

Refinancing accounted for 77.3% of total applications, up from 77.1% the previous week.