Borrowers responded to some of the lowest interest rates in several
months by stepping up applications for mortgage financing. The Mortgage Bankers Association (MBA) said
that its Market Composite Index, a measure of mortgage application volume,
increased 2.3 percent on a seasonally adjusted during the week ended April 17
when compared to the previous week. On
an unadjusted basis applications were 3 percent higher than during the week
ended April 10.
The Refinancing Index rose 1 percent from the previous week but the share
of all applications that were for refinancing dropped from 58 percent to 56
percent, the lowest share for that sector since October 2014. The seasonally adjusted Purchase Index increased
5 percent from the previous week. The
unadjusted Purchase Index was up 6 percent week-over-week and was 16 percent
higher than during the same week in 2014.