Fueled by recent interest rate cuts by the Federal Reserve, mortgage application volume rose 7.5% during the week ended Jan. 25, according to the trade group Mortgage Bankers Association’s weekly application survey. The MBA’s application index rose to 1,054.9 from 981.5 the previous week.

Application volume was pushed higher by a jump in refinance volume. Refinance application volume increased 22.1%, while purchase volume tumbled 17.7%. Refinance applications accounted for 73% of total applications. The index peaked at 1,856.7 during the week ending May 30, 2003, at the height of the housing boom.

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