Mortgage applications zoomed
upward last week, with the index rising 21.2 percent on a seasonally adjusted
basis to 876.9 from 723.4 the previous week, according to the Mortgage Bankers
On an unadjusted basis, the index increased 20.7 percent compared to the previous week and was up 31.2 percent from the same week a year ago.
Much of the increase was in refinances, reflecting a significant decline in rates. The refinance index increased 29.6 percent, while the purchase index was up only 1.5 percent. The refinance share of mortgage activity reached 72.9 percent.
Average interest rates were down: