Refi apps jump 22%

Borrowers take advantage of low rates in latest survey

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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.