Home Loan Applications Up 14% On Refi Volume

Mortgage loan application volume increased by 14.3 percent last week compared to the prior week as more homeowners continue to refinance their loans, the Mortgage Bankers Association said.

Application volume for loans to purchase homes remained flat. The association's Refinance Index increased by 21.8 percent while the Purchase Index increased by 0.8 percent.

Applications to refinance accounted for 71.5 percent of all applications during the week. The average contract interest rate for a 30-year fixed-rate loan was 5.13 percent.