Summary Box: Refinancing hits highest level since May 2009 as consumers seize on low rates

Summary Box: Mortgage applications up 13 pct.

LOAN APPLICATIONS RISE: Mortgage applications rose 13 percent last week as consumers refinanced at the lowest rates in decades.

REFINANCING GROWS: The increase was driven by a 17 percent surge in applications to refinance home loans. Refinancing hit the highest level since May 2009. But it was still lower than the last big boom, during the first three months of 2009.

PURCHASES SINK: Applications for loans to purchase homes fell by more than 3 percent, another sign that low rates mortgage rates have failed to spark home sales.