Industry data released on Wednesday showed that mortgage application volume rose 3 percent last week. It further showed a 3.7 percent increase in refinancing activity.

The Mortgage Bankers Association revealed that its market index of mortgage application volume rose 3 percent on a seasonally adjusted basis for the week of March 27th, following a 32.2 percent jump last week. The Market Composite Index was 1194.4 compared to 1159.4 in the previous week.

On an unadjusted basis, the index increased 2.9 percent and 68.8 percent on a year-over-year basis.

The Refinance Index rose 3.7 percent following a 41.5 percent increase last week. For the week of March 27th, the index increased to 6600.1 from 6363.2 in the previous week. Accordingly, 79.1 percent of mortgage activity took place through refinancing last week, up from 78.5 percent in the previous week. The four-week moving average for the Refinance Index represents a 16 percent increase.

The conventional and government purchase saw mixed results, with the conventional purchase index ticking up 1 percent and the government purchase index, largely made up of FHA loans, falling 1.4 percent.

The adjustable rate mortgage share of activity increased to 1.5 percent, up from 1.4 percent of total applications in the previous week.

Interest rates were down across the board, with 30-year fixed-rate mortgages sliding further below 5 percent to 4.61 percent from 4.63 percent last week. The rates for 15-year fixed-rate edged down slightly to 4.45 percent from 4.48 percent last week. One-year ARMs also decreased, with their contrast interest rates hitting 6.20 percent from 6.22 percent last week.

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