Mortgage Applications Rise on Increased Buying

Washington, DC, May 9, 2012 -- Mortgage application volume last week rose 1.7% from the prior week, the Mortgage Bankers Association said.

Refinance activity climbed 1.3% as mortgage rates continued to fall, MBA said.

Purchasing increased by a seasonally adjusted 3.4% last week.

The refinancing share of applications fell to 72.1% of total applications from 72.6% the previous week.

The average rate on 30-year fixed-rate mortgages fell to 4.01% from 4.05%, while the average for 15-year fixed-rate mortgages fell to 3.29% from 3.31%.