Refinancing Requests Jump on Falling Rates

Washington, DC, Feb. 8, 2012 -- Mortgage application volume rose last week, fueled by increased demand for refinancing as interest rates fell, according to the Mortgage Bankers Association.

MBA said its index rose 7.5% in the week ended Feb 3.

Refinancing applications climbed 9.4%, while the measure of loan requests for home purchases was nearly flat, edging up just 0.1%.

The refinance share of total mortgage activity also increased to 80.5% of applications, from 80.0%.

Fixed 30-year mortgage rates averaged 4.05%, down from 4.09% the week before.