Retail mortgage application volume rose 2.5 percent on a seasonally adjusted basis for the week ending April 11, according to a report released today by the Mortgage Bankers Association.
On an unadjusted basis, the index increased 2.7 percent compared to the previous week and was up 16.4 percent from a year ago.
The increase in application volume was led by a 5.2 percent jump in refinance loans and a 3.5 gain in FHA loan applications, as purchase volume slipped 0.8 percent.
The refinance share of mortgage activity increased to 53.5 percent of all applications from 52.2 percent the week prior as rates improved slightly.
The traditional 30-year fixed-rate mortgage fell to 5.74 percent from 5.78 percent, while the 15-year dipped to 5.27 percent from 5.39 percent.
Despite the average one-year adjustable-rate mortgage decreasing to 7.02 percent from 7.06 percent, the ARM share of total applications fell to 6.0 percent from 6.5 percent a week earlier.
(photo: biscuitsmlp)
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