Mortgage applications increased 2.7% on a seasonally adjusted basis for the week ending April 1, with refinance activity leading the way, according to the Mortgage Bankers Association.
The MBA's Market Composite Index, which measures mortgage loan application volume, rose 3% on an unadjusted basis
Refinance application volume increased 7% from the previous week. Purchase apps decreased 2% on both a seasonally adjusted and unadjusted basis. For the same week last year, purchase apps were 11% higher, on an unadjusted basis.
Applications for Federal Housing Administration-insured loans fell two basis points from the previous week, to 11.3%, while the share of Veterans Affairs-guaranteed applications fell seven basis points to 12.2%.
Refinancings as a share of all mortgage activity rose to 54.5% of total applications from 52.4%.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) dropped eight basis points to 3.86%. The 30-year jumbo ($417,000 or greater) fixed-rate mortgage fell six basis points to 3.76%.
