Although interest rates on residential loans have increased to the highest level in nearly three years, mortgage applications rose with refinances leading the way.

After making adjustments for seasonal factors, the Market Composite Index for the week that ended on March 10 moved up 3 percent from the prior week.

Without making any seasonal adjustments, the index — a measure of mortgage loan application volume — increased 4 percent from the week ended March 3.

Source: Mortgage Daily