Mortgage applications increased 4.8% from one week earlier, according to data from the Mortgage Bankers Association's (MBA) weekly mortgage applications survey for the week ending March 30.
The MBA's market composite index increased 4.8% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the index increased 5% compared with the previous week.Â
The refinance index increased 4% from the previous week, marking the first weekly increase in the refinance index after six weeks of consecutive declines. The refinance share of mortgage activity decreased to 71.2% of total applications from 71.9% the previous week. This is the lowest refinance share since July 29, 2011.Â Â
The seasonally adjusted purchase index increased 7.2% from one week earlier to its highest level since Dec. 2, 2011. The unadjusted purchase index increased 7.6% compared with the previous week and was 2.4% higher than the same week one year ago.
‘Home purchase applications for conventional loans are now about 10 percent above last year's level,’ says Michael Fratantoni, MBA's vice president of research and economics.Â ‘Applications for government loans increased by more than 10 percent over the week, for both purchase and refinance, likely spurred by borrowers seeking to apply before scheduled increases in Federal Housing Administration mortgage insurance premiums at the beginning of April.’Â