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Strong Week for Purchase and Refi Applications

Wednesday, April 13, 2016

Mortgage applications made a strong showing during the week ended April 8 and for the first time in a while the gains were fairly evenly distributed between refinance and purchase applications.  The Mortgage Bankers Association (MBA) reported that applications overall increased by 10 percent on both a seasonally adjusted and an unadjusted basis compared to the week ended April 1.

The Refinance Index built on its 8 percentage point rebound the previous week, rising 11 percent to its highest level since February.  The share of applications that were for refinancing increasing from 54.5 percent to 5.9 percent.

The seasonally adjusted Purchase Index increased 8 percent from one week earlier to its highest level since October 2015. The unadjusted Purchase Index was up 9 percent compared with the previous week and was 24 percent higher than the same week one year ago.

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