Applications for US home loans increased last week as rates on 30-year and 15-year fixed-rate loans dipped to their lowest levels on the survey's record.

The Mortgage Bankers Association said Wednesday overall applications were up nearly 7.6 percent compared to a week earlier. That incorporates an adjustment for the Independence Day holiday. Applications to refinance home loans rose 8.6 percent.

Refinance applications covered nearly 79.4 percent of total applications, the highest since April of last year.

The average rate for a 30-year fixed loan dropped to 4.59 percent last week and the rate for a 15-year fixed loan fell to 4.05 percent. Both were the lowest rates recorded since the MBA started conducting the survey since 1990.

The Mortgage Bankers Association's survey includes more than 50 percent of all mortgage applications in the US.