Mortgage application volume increased 5.4 percent on a seasonally adjusted basis for the week ending April 4 compared to a week earlier, according to the Mortgage Bankers Association latest weekly survey.
On an unadjusted basis, the mortgage application index was up 5.7 percent compared to the previous week and 10.9 percent compared to the same week a year ago.
The increase was led by an 8.1 percent rise in purchase applications, a 15.2 percent jump in FHA loans, and a 3.4 percent bump in refinance activity.
The refinance share of mortgage activity decreased to 52.2 percent of total applications from 53.4 percent a week earlier as interest rates continued to rise.
Interest rates were up across the board, with the traditional 30-year fixed-rate mortgage climbing to 5.78 percent from 5.75 the previous week, while the 15-year rose to 5.39 percent from 5.27 percent.
Adjustable-rate mortgage share gained mildly during the week, rising to just 6.5 percent of all applications from 5.4 percent a week earlier as the average one-year ARM increased to 7.06 percent from 7.00 percent a week earlier.
(photo: noisecollusion)
