Mortgage applications nationwide rose a seasonally-adjusted 11.3 percent last week compared to the week prior, according to The Market Composite Index, a measure of mortgage loan application volume compiled by the Mortgage Bankers Association.

The index stood at 723.4 for the week-ended March 6, up from 649.7 one week earlier. On an unadjusted basis, the Index increased 11.6 percent compared with the previous week and 5.7 percent compared with the same week one year earlier.

The average interest rate for 30-year fixed-rate mortgages decreased to 4.96 percent from 5.14 percent, according to the MBA, the second-lowest in the history of the survey. The record low is 4.89 percent for the week ending Jan. 9, 2009.

The MBA said the refinance share of mortgage activity increased to 67.9 percent of total applications from 66.9 percent the previous week.

The four week moving average for the seasonally adjusted Market Index, considered a more reliable indicator of trends because it smooths out often volatile week-to-week swings, was up 4.3 percent.