Mortgage applications increased 3.6% during the week ending May 9, compared to the week prior, on an adjusted basis, according to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey.
On an unadjusted basis, volume increased 3% compared with the previous week.
Due to the recent dip in interest rates, applications for refinances jumped 7% from the previous week.
Meanwhile, purchase application volume dipped less than 1% on both an adjusted and unadjusted basis. Purchase application volume was down 12% compared to the same week one year ago.
The refinance share of mortgage activity increased to 50% of total applications from 49% the previous week.
The average rate for a 30-year fixed-rate mortgage (FRM) with conforming loan balance ($417,000 or less) was 4.39%, down from 4.43% the week prior.
The average rate for a 30-year FRM with jumbo loan balance (greater than $417,000) remained unchanged at 4.29%.
The average rate for a 30-year FRM backed by the Federal Housing Administration was 4.09%, down from 4.13% the previous week.
The average rate for a 15-year FRM was 3.48%, down from 3.52%.
The average rate for a 5/1 adjustable-rate mortgage (ARM) was 3.17%, down from 3.21% the week prior. The ARM share of activity decreased to 8% of total applications.