The volume of mortgage applications filed last week rose 10.9% from the week before, spurred by a surge in refinancings.
Applications to refinance existing home loans rebounded 15.2% for the week ended July 3, while applications for mortgages to purchase homes also increased, up 6.7%.
Overall, the pace of mortgage filings recovered from the week ended June 26, when refinancings had weakened to their lowest level since last November.
Refinancing applications made up 48.4% of all mortgage activity, up from 46.4% the week before, while adjustable-rate mortgages accounted for 4.4%, up from 4.3%.
According to the most recent survey, 30-year fixed-rate mortgages carried an average interest rate of 5.34% last week, unchanged from the week before.
To obtain this rate, the mortgage required payment of an average 1.13 points. A point is 1% of the mortgage amount, charged as prepaid interest.
Fifteen-year fixed-rate mortgages averaged 4.83% last week, up from 4.81% the week before; the mortgage required payment of an average 1.06 points to obtain the rate.
The Bush administration’s top housing official is under a criminal investigation and announced Monday he is quitting. Housing and Urban Development Secretary Alphonso Jackson said his resignation will take effect on April 18. For a couple of years now, Jackson has been fending off allegations of cronyism and favoritism involving 
