CNBC on the MBA's mortgage application survey, out Wednesday morning:

Total mortgage application volume increased 2.3 percent on a seasonally adjusted basis for the week compared to the previous week. Applications are now nearly 24 percent higher than one year ago, according to a weekly survey by the Mortgage Bankers Association.

Mortgage applications to purchase a home drove total volume, rising 5 percent for the week, seasonally adjusted, and 17 percent compared with the same week one year ago. Purchase volume had been weakening, despite the fact that spring is historically the busiest season for home buying.

"Purchase applications got back on track last week, resuming the level of activity observed throughout most of April and May," said Lynn Fisher, MBA vice president of research and economics.

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