The number of mortgage applications filed by consumers rose last week as interest rates eased and more homeowners moved to refinance their home loans.

According to data released by the Mortgage Bankers Association (MBA) Wednesday, total mortgage loan application volume increased 2.2 percent for the week ending January 7, 2011, when compared to the previous week. It marked the second week in a row that application volume has climbed as MBA’s index hit its highest level in nearly a month.

The overall gain was driven by a swift jump in applications for refinancing, which made up 72 percent of

total applications for the week. MBA reported that its refinance index rose 4.9 percent during the first week of 2011.

At the same time, the trade group’s index of new applications for home purchases fell 3.7 percent from one week earlier. MBA’s purchase index has registered a decline in four of the past five weeks.

Mortgage interest rates fell back the first week of the year and helped to boost the refinance numbers.

With rates threatening to continue their recent trend of heading higher, the fact that they broke from the upward trajectory and declined over the past two weeks seems to have prompted existing homeowners to take action to refinance before the ascension starts again.

MBA says the average contract interest rate for 30-year fixed-rate mortgages fell to 4.78 percent last week, down from 4.82 percent the week before. The 30-year rate is now 15 basis points lower than the survey’s seven-month high observed just two weeks ago, MBA explained.

Rates on 15-year fixed mortgages also dropped. MBA’s study found that the average contract interest rate for a 15-year loan was 4.15 percent last week. That’s down from 4.23 percent the prior week.