Home loan apps rise amid cheaper costs

Survey: Interest rates reverse 5 weeks of gains

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Falling interest rates help push mortgage application volume up 3 percent last week, the Mortgage Bankers Association reported today.

According to MBA, the index that tracks refinancings led the increase with a 4.5 percent gain (seasonally adjusted) from the week before, followed by a 1.4 percent rise in the purchase-loan index.

As a result, the refinance share of applications grew to 52.4 percent last week from 52 percent the week before. The adjustable-rate mortgage (ARM) share of activity rose from 15 percent to 17.3 percent.