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by CareyBot

Overall mortgage application volume last week jumped to its highest level since October 2005 as lower interest rates inspired a surge in refinancing and new purchases, the Mortgage Bankers Association reported today. The market composite index, which measures total home loan volume, rose to 721.2 last week, up 11.4 percent on a seasonally adjusted basis from 647.6 the week before. Separately, the seasonally adjusted refinance index increased by 15.8 percent to 2,304.4 from 1,989.7 the previous week, and is now at its highest level since September 2005. The purchase index hit an 11-month high, rising 8.7 percent to 463.8 last week from 426.6 one week earlier. "The substantial decline in mortgage rates over the past six months, greater than 80 basis points in total, has led to a significa...