Mortgage application volume broke out of a
six-week slump in a big way during the week ended April 16. The Mortgage
Bankers Association said its Market Composite Index, a measure of that volume, jumped
8.6 percent on a seasonally adjusted basis and was 9 percent higher on an unadjusted
basis. It was the first positive posting for the index since the week ended
February 26 and only the fourth increase this year. The Refinance Index rose by 10 percent from
the previous week although it remained 23 percent lower than the same week in
2020. Refinance applications accounted for 60 percent of the total compared to
59.2 percent a week earlier. The seasonally adjusted Purchase Index
increased 6 percent before seasonal adjustment and 7 percent afterward. It was 57
percent above its level the same week in 2020.