Home loan apps increase in latest survey

Purchases trump refis as interest rates inch higher

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Despite a drop in refinance activity, consumers looking to purchase homes boosted overall mortgage application volume last week, the Mortgage Bankers Association reported today.

The group’s market composite index, a measure of home loan application volume, rose 3 percent on a seasonally adjusted basis from the previous week. The index that tracks purchase loans jumped 12 percent (seasonally adjusted) during the period, but that growth was offset by a 1 percent decrease in the refinance index.