The Mortgage Bankers Association said mortgage application volume for the week ended April 26 increased 1.8% on a seasonally adjusted basis from
The unadjusted Refinance Index was up 3% during the period, while the seasonally adjusted Purchase Index improved 1.4%.
The unadjusted Purchase Index increased 13% when compared with the same week in 2012.
The MBA said the share of refi applications remained at 75%. Home Affordable Refinance Program loans made up 34% of these, up two percentage points from the previous week. For the second week in a row, HARP application volume reached its highest level since the MBA started tracking it in February 2012.
The average contract rate for the 30-year conforming FRM (MBA defines this as a loan with a balance of $417,500 or under) for the survey period decreased five basis points to 3.6%, the lowest point since last December. Federal Housing Administration-insured loans had an average contract rate for the week of 3.34%, down three basis points from the previous week.
Jumbo 30-year FRMs saw its average contract rate buck the trend and instead increased five basis points to 3.8%. The MBA said the rate for the 15-year FRM fell by five basis points to 2.84%.
The share of adjustable-rate mortgages was unchanged at 4% of the week’s loan applications, as the average contract rate for the 5/1 ARM decreased by seven basis points to 2.55%.
