According to the Mortgage Bankers Association’s Weekly Applications Survey, the number of Americans applying for home purchase loans rose dramatically last week, gaining 10 percent from the week before. The increase means purchase activity is 15 percent higher than it was at the same time last year. “Mortgage application volume rebounded strongly in the week following the Memorial Day holiday, indicating that the holiday had a larger impact on business activity than originally assumed,” Mike Fratantoni, MBA’s chief economist, said. “Comparing volume over the past two weeks, purchase activity is up over 6 percent, while refinance activity is down 5 percent.” But though it has declined in recent weeks, the MBA’s Refinance Index increased 7 percent last week and remained relatively flat as a share of total mortgage activity. Also, average mortgage rates were up across all loan categories, including 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. More here.