According to CNBC, mortgage application volume rose 3.4% last week from the previous week, as the average rate on 30-year fixed mortgages with conforming balances of $832,750 or less fell to 7.37% from 7.41%. The share of applications for adjustable-rate mortgages (ARMs), which are considered riskier because rates can adjust after the fixed term, increased to 11.3%, its highest level in more than a year. The average rate on 5/1 ARMs declined to 6.41% from 6.46%. Refinance applications rose 3% for the week but were 61% below the same week a year earlier. Purchase applications increased 4% but remained 18% lower than a year earlier.