Industry data released on Wednesday showed that mortgage application volume rose 4.7 percent last week. It further showed a 3.2 percent increase in refinancing activity.
The Mortgage Bankers Association revealed that its market index of mortgage application volume rose 4.7 percent on a seasonally adjusted basis for the week of April 3rd, following a 3 percent rise last week. The Market Composite Index was 1250.6 compared to 1194.4 in the previous week.
On an unadjusted basis, the index increased 4.9 percent and 67.6 percent on a year-over-year basis.
The Refinance Index rose 3.2 percent. For the week of April 3rd, the index increased to 6813.5 from 6600.1 in the previous week. Accordingly, 77.9 percent of mortgage activity took place through refinancing last week, down from 79.1 percent in the previous week. The four-week moving average for the Refinance Index represents a 16 percent increase.
The conventional and government purchase both saw positive results, with the conventional purchase index ticking up 7.7 percent and the government purchase index, largely made up of FHA loans, increasing 17.1 percent.
The adjustable rate mortgage share of activity remained unchanged at 1.5 percent.
Interest rates were up across the board, with 30-year fixed-rate mortgages increasing to 4.73 percent from 4.61 percent last week. The rates for 15-year fixed-rate edged up slightly to 4.49 percent from 4.45 percent last week. One-year ARMs also rose, with their contrast interest rates hitting 6.23 percent from 6.20 percent last week.
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