Mortgage application volume jumped 4.9% on an adjusted basis during the week ended April 13, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.
Applications for refinances increased 4% while applications for purchases increased 6%.
On an unadjusted basis total volume increased 6% compared with the previous week. Applications for purchases increased 7% on an unadjusted basis and were 10% higher compared with the same week on year earlier.
The refinance share of mortgage activity decreased to 37.6% of total applications.
The adjustable-rate mortgage (ARM) share of activity increased to 6.6% of total applications.
The average interest rate for a 30-year fixed-rate mortgage, based on contract signings, was 4.66%, unchanged from the previous week.
The average rate for a 5/1 ARM was 3.94%, up from 3.93%.