Mortgage applications increased a seasonally adjusted 2.3%
On a non-seasonally adjusted basis applications rose 3%. The strong weekly number represents the continuation of a month-long upward trend.
"Purchase applications increased for the fourth time in five weeks as we proceed further into the spring home buying season," said the MBA's chief economist Mike Fratantoni. "Despite mortgage rates below four percent, refinance activity increased less than 1% from the previous week."
Refinances dropped to 56% of total applications, the lowest level since October. The Federal Housing Administration's share of total applications increased 10 basis points to 13.6% from 13.5% while the Department of Veterans Affairs' share dropped 10 basis points to 11% from 11.1%. The U.S. Department of Agriculture share of applications remained unchanged.
