Mortgage applications rose 11.3% from a week earlier on a seasonally adjusted basis for the week ending Aug. 28, according to the Mortgage Bankers Association.
The MBA's Market Composite Index, which measures mortgage loan application volume, increased 10% on an unadjusted basis for the same week.
Refinance application volume grew 17% to its highest level since April of this year. Purchase apps increased 4% on a seasonally adjusted basis; 2% on an unadjusted basis. It was 25% higher than the same week a year ago.
Refinancings as a share of all mortgage activity fell to 58.7% of total applications from 55.3%.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) was unchanged at 4.08% from the previous week. The 30-year jumbo ($417,000 or greater) fixed-rate mortgage interest rate rose to 4.05% from 4%.