Mortgage Application Volumes Rise

Mortgage applications in the U.S. rose from their lowest level in six years by 10.6 percent week by week, according to a survey conducted by the Mortgage Bankers Association (MBA).

The MBA's mortgage application index rose to 557.1 during the week, from 502.3 the previous week when volume fell 15.3 percent.

Refinance application volume increased 8.4 percent during the week ending June 6, while purchase application volume jumped 12.8 percent. Refinance applications accounted for 39.8 percent of total applications.

The purchase index rose to 376.2 from 333.6 the prior week, when it reached a five-year low. The average rate on a 30-year fixed-rate loan rose to 6.24 from 6.17 percent. Rates for one-year adjustable-rate mortgages rose to 6.87 percent from 6.8 percent.

The MBA survey provides a snapshot of mortgage lending activity among mortgage bankers, commercial banks and thrifts. It covers about 50 percent of all residential retail mortgage originations each week.