After falling 1.1% the previous week, mortgage application volume jumped 4.8% on an adjusted basis during the week ended March 23, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.
Applications for refinances increased 7% while applications for purchases increased 3%, according to the weekly report, which covers about 75% of the mortgage market.
On an unadjusted basis, total volume increased 5% compared with the previous week. Applications for purchases increased 4% on an unadjusted basis and were 8% higher compared with the same week one year earlier.
The refinance share of mortgage activity increased to 39.4% of total applications, up from 38.5% the previous week.
The adjustable-rate mortgage (ARM) share of activity remained unchanged at 7.0% of total applications.
The average rate for a 30-year fixed-rate mortgage was 4.69%, up slightly from 4.68% the previous week.