Refinance Applications Make Up 80% Of Volume

Mortgage application volume increased 5.3 percent last week compared to the previous week and was 76.9 percent greater than the same week a year ago, according to the Mortgage Bankers Association.

The association said applications to refinance took up 79.7 percent of total applications during the week, up from 77.8 percent the prior week.

The average interest rate for a 30-year fixed-rate mortgage increased to 4.73 percent from 4.7 percent a week earlier.