Summary Box: Mortgage applications rise 18 percent as refinances, purchases grow

Summary Box: Mortgage applications rise 18 pct.

APPLICATIONS UP : The number of customers applying for mortgages jumped 18 percent last week, a sign that the market could be stabilizing after dropping off sharply.

REFINANCES RISE: Applications to refinance home loans were up 21 percent to the highest level since May 2009. That’s because buyers have been taking advantage of near-record-low mortgage rates.

PURCHASE APPLICATIONS TOO: Mortgages taken out to purchase homes increased for the first time in six weeks, rising 7 percent. They had dropped off sharply when federal tax credits expired.