Mortgage applications were on the rise last week, according to data from the Mortgage Bankers Association's (MBA) weekly mortgage applications survey for the week ending April 12.
The MBA's market composite index increased 4.8% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the index increased 5% compared with the previous week.Â
The refinance index increased 5% from the previous week and is at its highest level since mid-January. The refinance share of mortgage activity was unchanged at 75% of total applications from the previous week.
The seasonally adjusted purchase index increased 4% from one week earlier and is at its highest level since May 2010, and the adjusted conventional purchase index increased 3% to the highest level since October 2009. The unadjusted purchase index increased 5% compared with the previous week and is 20% higher than the same week one year ago.