Mortgage Applications Rise Last Week

Washington, DC, May 2, 2013 -- Mortgage application volume rose 2% from the prior week as several interest rates declined, the Mortgage Bankers Association said.

The MBA index increased 1.8% for the week ended April 26 from the previous week.

The refinance index increased 3% to reach its highest level since January, while the purchasing index decreased 1.4% from a week earlier.

The average rate on 30-year fixed-rate mortgages fell to 3.6%, the lowest rate since December, from 3.65% in the prior week.