MBA: Mortgage Applications Increased 1.5%, Driven By Purchases

Mortgage application volume increased 1.5% on an adjusted basis during the week ended April 7, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.

Applications for refinances were unchanged from the previous week, while applications for purchases increased 3%.

On an unadjusted basis, total volume increased 3% compared with the previous week. Applications for purchases increased 5% on an unadjusted basis compared with the previous week and increased 3% compared with the same week one year earlier.

The refinance share of mortgage activity decreased to 41.6% of total applications – down from 42.6% the previous week to reach the lowest level since September 2008.

The adjustable-rate mortgage (ARM) share of activity remained unchanged at 8.5% of total applications.

The average loan size for purchase applications reached a survey high of $318,700.

Mortgage rates continued to decrease. The average rate for a 30-year, fixed-rate mortgage (FRM) was 4.28%, down from 4.34% the previous week, according to the MBA’s data.

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