Mortgage application volume increased 7.2% for the week ending March 31, according to the Mortgage Bankers Association’s weekly survey. New home volume increased 8.4% compared with the prior week, while refinancing growth climbed 5.3%. Refinancings accounted for 36.6% of total volume, the lowest since the final week of July 2004.

Average rates on both 30-year and 15-year fixed-rate mortgages increased.

Rates on a 30-year fixed-rate mortgage climbed 13 basis points to 6.49%, while rates on a 15-year fixed-rate mortgage jumped 15 basis points to 6.15%. Average rates on one-year adjustable-rate mortgages increased 13 basis points to 5.96%.