Mortgage Applications Climb from Previous Week as Rates Dip

Mortgage applications, including requests for refinancings and for home purchase loans, rose from the previous week for the week ended April 11.

Overall applications rose 4.3% from the previous week, according to the latest Mortgage Bankers Association Weekly Mortgage Applications Survey.

The component refinance index rose 7%, while the purchase index ticked up 1% from a week earlier. All three statistics are seasonally adjusted.

Refis made up 52% of total mortgage applications, up from 51% the week before. Adjustable-rate mortgages accounted for 8% of total applications.

The average interest rate for 30-year fixed-rate mortgages with balances of $417,000 or less dipped nine basis points, to 4.47%. The average interest rate for 30-year fixed-rate mortgages with loan balances above $417,000 fell 10 basis points, to 4.39%.

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