As mortgage rates fall lower, mortgage applications last week increased 1 percent over the prior week, the Mortgage Bankers Association reported in its weekly mortgage market survey, which covers more than three-quarters of all mortgage applications.
Mortgage applications for home purchases edged up 0.3 percent for the week, reaching its highest level since May 2010, MBA reports.
Mortgage applications for refinancings, which make up the biggest bulk of applications, also rose 0.3 percent in the week ending April 19. The share of refinance applications that were part of the Home Affordable Refinance Program grew to 32 percent, which is the highest level since the MBA began tracking HARP applications in February 2012.
The MBA reported that the average 30-year-fixed-rate mortgage dropped to 3.65 percent for the week, from 3.67 percent.
Source: “U.S. Mortgage Applications Up 1% in Latest Week,” The Wall Street Journal