Mortgage applications increased 0.4% from one week earlier, according to the Mortgage Bankers Association.
The MBA's Weekly Mortgage Applications Survey for the week ending May 6 found that the refinance index increased 0.5%
The purchase index increased 0.4% from one week earlier.
The adjustable-rate mortgage share of activity increased to 5.7% of total applications from 5.3% the week prior, while the FHA share of total applications decreased to 13% from 13.5%.
The VA share increased to 11.7% from 11.5% the week prior and the USDA share of total applications remained unchanged at 0.7%.
The average contract rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased five basis points to 3.82%.
The average rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) decreased five basis points to 3.74%.
The average rate for the 30-year backed by the FHA decreased five basis points to 3.64%, while for 15-year fixed-rate mortgages, the average rate decreased seven basis points to 3.06%.
The average rate for 5/1 ARMs slightly increased to 2.93% from 2.91%.
