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by CareyBot

Despite a drop in home-purchase activity, overall mortgage application volume posted strong growth last week, the Mortgage Bankers Association reported today. The group's market composite index, a measure of home loan application volume, rose 7.5 percent last week on a seasonally adjusted basis from a week earlier, boosted by a surge in refinance applications. The index that tracks refinance applications jumped 22.1 percent from mid-January, pushing its share of mortgage activity from 66 percent to 73 percent, while the purchase-loan index tumbled 17.7 percent, MBA reported. The adjustable-rate mortgage (ARM) share of activity decreased to 8.6 percent last week from 9.3 the previous week. On the heels of four straight weeks of falling interest rates, borrowing costs last week began to rise...