Industry data released on Wednesday showed that mortgage application volume jumped nearly 7 percent last week.

The Mortgage Bankers Association revealed that its market index of mortgage application volume rose 6.6 percent on a seasonally adjusted basis for the week of June 19th. The Market Composite Index was 548.2 compared to 514.4 in the previous week.

On an unadjusted basis, the index rose 6 percent, and it was up 17.2 percent on a year-over-year basis.

The Refinance Index rose 5.9 percent from the previous week. The refinance share of mortgage activity was basically unchanged, ticking down slightly to 54.0 percent from 54.1 percent of total applications in the previous week.

For the week of June 19th, the refinance index ticked back above 2000 to 2116.3 from 1998.1 in the previous week. However, this is still down significantly from the 4794.4 reading from mid-May.

The report also showed a notable increase in purchase activity, with the Purchase Index rising 7.3 percent to 280.3 from 261.2 one week earlier

The adjustable rate mortgage share of activity decreased to 4.1 percent from 4.3 percent in the previous week.

In terms of interest rates, the rate for 30-year fixed-rate mortgages decreased to 5.44 percent from 5.50 percent last week. The rate for the 15-year fixed-rate mortgages also declined, falling to 4.93 percent from 4.99 percent. The rate for one-year ARM's was unchanged at 6.54 percent.