Mortgage applications rose 1.8% for the week ending April 19 when compared to a week earlier, an industry trade group said Wednesday.
According to the Mortgage Bankers Association, this rise comes after a meager 0.2% increase in the previous report.
The refinance index edged up the most, rising 3% this past week.
On the other hand, the seasonally adjusted purchase index switched gears, dropping 1.4% and breaking a stride it set when posting its highest level since May 2010 a week earlier.
The refinance share of overall mortgage activity remained at 75% for the third week in a row.
The adjustable-rate mortgage share of activity stayed level at 4% of total applications.
Meanwhile, the average 30-year, fixed-rate mortgage with a conforming loan balance fell to 3.60%, the lowest level since December 2012, and down from 3.65% the previous week.
The average 30-year, FRM with a jumbo loan balance escalated to 3.80% from 3.75% last week.
The average contract interest rate for the 30-year, FRM backed by the FHA declined to 3.34% compared to 3.37% a week prior.
Additionally, the 5/1 ARM fell back down to 2.55% from 2.62% a week earlier.
The 15-year, FRM decreased to 2.84% from 2.89%, the lowest rate since December 2012.
bswanson@housingwire.com
