WASHINGTON ( TheStreet) -- Mortgage applications increased 2.2% last week as mortgage rates edged lower. The volume of mortgage loan applications increased 2.2% on a seasonally adjusted basis in the week ending Jan. 7, the Mortgage Bankers Association said early Wednesday.
Mortgage activity rose 2.3% in the prior week .
Refinancing application volume increased 4.9% from the previous week, following a 3.9% uptick in the prior week. Home-purchase loan applications fell 3.7% in the week, on a seasonally adjusted basis, after falling 0.8% a week earlier. On an unadjusted basis, the MBA's purchase index was 10.5% lower than in the year-earlier week.