Mortgage applications climbed 8.6 percent for the week ending April 16, according to the latest Weekly Mortgage Applications Survey released Wednesday by the Mortgage Bankers Association.
MBA said the Refinance Index increased 10 percent from the previous week and was 23 percent lower than the same week one year ago. The unadjusted Purchase Index increased 7 percent compared with the previous week and was 57 percent higher than the same week one year ago.
The refinance share of mortgage activity increased to 60 percent of total applications from 59.2 percent the previous week. The adjustable-rate mortgage share of activity remained unchanged at 3.6 percent of total applications.
“Mortgage rates dropped to their lowest levels in around two months, prompting a small resurgence in refinance activity after six weeks of declines. Borrowers acted on the decrease in rates for most loan types, with both conventional and government refinance applications showing gains,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting.