Mortgage applications rose 2.8% last week as lower borrowing costs spurred a pickup in refinancing activity, according to the Mortgage Bankers Association (MBA)’s weekly mortgage applications survey for the week ending Feb. 13.

On an unadjusted basis, the index rose 5% compared with the previous week.

Refinance applications led the gain, climbing 7% from the previous week and surging 132% from the same week a year ago. But the seasonally adjusted purchase index fell 3% from one week earlier. On an unadjusted basis, purchase applications increased 3% week over week and were 8% higher than a year ago.

“Mortgage applications details ⇒

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