On an unadjusted basis, the composite index increased by 3% week-over-week. The seasonally adjusted purchase index increased 5% compared to the week ended April 10. The unadjusted purchase index increased by 6% for the week and is now 16% higher year-over-year.
The MBA’s refinance index increased 1% week-over-week, and the percentage of all new applications that were seeking refinancing dropped from 58% to 56%, its lowest level since last October.
The MBA’s chief economist said:
Purchase applications increased for the fourth time in five weeks as we proceed further into the spring home buying season. Despite mortgage rates below four percent, refinance activity increased less than one percent from the previous week.
Adjustable rate mortgage loans accounted for 5.5% of all applications, up from 5.4% in the prior week.
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The FHA share of all applications rose from 13.5% a week ago to 13.6%, and the VA share decreased from 11.1% to 11.0%.
The average mortgage loan rate for a conforming 30-year fixed-rate mortgage decreased from 3.87% to 3.83%, its lowest level since January. The rate for a jumbo 30-year fixed-rate mortgage decreased from 3.84% to 3.83%. The average interest rate for a 15-year fixed-rate mortgage fell from 3.16% to 3.11%, its lowest level since January.
The contract interest rate for a 5/1 adjustable rate mortgage loan rose from 2.82% to 2.89%. Rates on a 30-year FHA-backed fixed rate loan fell from 3.67% to 3.65%, its lowest level since May 2014.
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