Mortgage loan volume jumps

Mortgage loan application volume increased for the week ending Sept. 4, according to the weekly mortgage applications survey by the Mortgage Bankers Association. The index increased 17 percent from the previous week on a seasonally adjusted basis. The index jumped 64.5 percent year-over-year. The refinance index also rose last week, its 22.5 percent spike reflecting the largest increase since mid-March. The average interest rate for a 30-year fixed-rate mortgage fell to 5.02 percent from 5.15 percent the previous week, and the rate for a 15-year mortgage dropped to 4.45 percent from 4.57 percent one week earlier. TRD