Mortgage loan application volume surged 13% on a seasonally adjusted basis as historically low interest rates spurred refinancing activity during the week ended Aug. 13, according to data released Wednesday by the Mortgage Bankers Association.
Refinancings soared 17.1% to a three-month high. The seasonally adjusted purchase index fell 3.4%.
The four-week moving average for the headline market index rose 2.6%, the four-week moving average for the purchase index gained 0.1%, and the four-week moving average for the refinance index jumped 3.2%.
The average contract interest rate for a 30-year fixed-rate mortgage increased to 4.60% from 4.57%, while the average 15-year fixed-rate mortgage rose to 3.99% from 3.95%, and the average one-year adjustable-rate mortgage fell to 6.90% from 7.00%.
