Mortgage Applications Rise Over 21%

Washington, DC, Aug. 10, 2011 -- Home mortgage applications rose last week as interest rates hit their lowest level this year, according to the Mortgage Bankers Association.

MBA said applications rose 21.7% in the week ended Aug. 5.

The MBA's seasonally adjusted index of refinancing applications rose 30.4% to its highest level this year, while the gauge of loan requests for home purchases fell 0.9%.

The refinance share of mortgage activity increased to 75.6% of total applications from 70.1% the previous week.

Fixed 30-year mortgage rates averaged 4.37% in the week.