Mortgage applications rose 7.3% to 706.4 in the week ended Jan. 28, according to Mortgage Bankers Association. The seasonally adjusted index of refinancing applications rocketed 16.6% to 2,253.9. The purchase index rose 0.3% to 440.3.

Applications for adjustable-rate mortgages rose to 32.5%.

Average fixed 30-year mortgage rate rose to 5.61% from 5.58% last week.