Mortgage Applications Rise on Refinancing

Washington, DC, July 25, 2012 -- Mortgage application volume increased last week as record-low interest rates spurred demand for refinancing, according to the Mortgage Bankers Association.

MBA said its index of mortgage application activity rose 0.9% in the week ended July 20.

Refinancing applications rose 1.8%, while purchase applications fell 2.8%.

The refinance share of total mortgage activity rose to 80.8% of applications from 80.1% the week before.

Fixed 30-year mortgage rates held at 3.74%.