Mortgage Applications Rose Last Week on Refi Volume: MBA

Total mortgage applications increased last week, due to an increase in refinance applications, according to the Mortgage Bankers Association.

Mortgage loan applications rose 1.3% on a seasonally adjusted basis, compared to the previous week. The figures were for the one-week period that ended April 15 and were reported as part of the MBA's Market Composite Index.

The MBA's refinance index rose 3% and the seasonally-adjusted purchase index fell 1%.

As a share of overall mortgage activity, refinancings rose to 55.4% from 54.9%. The adjustable-rate mortgage share was unchanged at 5%.

The application share for Federal Housing Administration-insured loans fell to 10.6% from 10.8%. The Veteran Affairs-guaranteed mortgage share rose to 12.6% from 11.9%. The US Department of Agriculture share was unchanged at 0.8%.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) rose 1 basis point to 3.83%.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances rose 3 basis points to 3.77%. FHA fixed-rate 30-year mortgages fell 2 basis points to 3.66%.