Mortgage applications rebound

Price declines on 30-year fixed-rate mortgages generate new loans and more refinancing

WASHINGTON (AP) -- Mortgage application volume rose 3.6% during the week ended June 27, according to the trade group Mortgage Bankers Association's weekly application survey.

The MBA's application index rose to 477.7 during the week, bouncing back from a year-to-date low of 461.3.

Refinance volume increased 4.7% during the week, while purchase volume increased 2.8%. Refinance applications accounted for 36.8% of total applications, compared with 36.3% a week earlier.