Mortgage applications increased during the week ending May 9, driven by a jump in requests for refinancings, according to a report from the Mortgage Bankers Association.

The MBA's weekly index showed that refi applications rose 7% from the previous week, their highest level since the week that ended April 11. Total application volume increased by 3.6%.

Interest rates on several types of fixed-rate loans dipped to their lowest point since November. Rates on 30-year loans under $417,000 decreased four basis points to 4.39%. Rates on 30-year, FHA-backed mortgages fell four basis points to 4.09%, while 15-year FHA loans declined four basis points to 3.48%.

Interest rates on 30-year jumbo mortgages remained unchanged at 4.29%.

Refinances accounted for a 50% of total mortgage activity, up one percentage point over the week. Adjustable-rate mortgages accounted for 8% of all activity.

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