The Mortgage Bankers Association (MBA) released its weekly report on mortgage applications this morning, noting an increase of 7.7% in the group’s seasonally adjusted composite index, following a drop of 7.1% for the previous week.

The seasonally adjusted purchase index rose by 7% from the last report. On an unadjusted basis, the composite index rose by 8% week-over-week. The unadjusted purchase index rose 7% for the week and is up 10% year-over-year.

The share of refinancings was unchanged last week at 75%.

The average contract interest rate for a conforming 30-year fixed-rate mortgage fell from 3.82% to 3.79%. The rate for a jumbo 30-year fixed-rate mortgage decreased, from 3.95% to 3.90%. The average interest rate for a 15-year fixed-rate mortgage remained unchanged at 3.02%.

The contract interest rate for a 5/1 adjustable rate mortgage fell from 2.59% to 2.58%.

Mortgage applications rose last week, ending a two-week slide. Interest rates fell slightly, which probably helped a little. The percentage of refinancings remained flat, so the number of applications to purchase homes grew last week.

Later this morning the National Association of Realtors will report on pending home sales for March. The consensus estimate calls for a drop of 0.7% in the index.

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