Mortgage applications rose 9.4% from a week earlier, according to the Mortgage Bankers Association's survey for the week ending Feb. 28.
Refinancing applications also increased 10% from the previous week, according to the index in the MBA's Weekly Mortgage Applications Survey. Meanwhile, the purchase index climbed 9% from one week earlier on a seasonally adjusted basis and 12% on an unadjusted basis.
The refinance share of mortgage activity dipped to 57.7% of total applications, down from 58% the previous week and its lowest level since September. The adjustable-rate mortgage share of activity was unchanged at 8% of total applications.
The average interest rate for 30-year fixed-rate mortgages with balances of $417,000 or less fell to 4.47%, down from 4.53% the previous week. Interest rates for a 30-year fixed-rate jumbo mortgage decreased to 4.37%, compared to 4.47% the previous week. Meanwhile, 30-year mortgages backed by the Federal Housing Administration posted an average interest rate of 4.13%, down from 4.17%.