The volume of mortgage applications to purchase homes rose 6.8 percent last week compared to the previous week on an adjusted basis, according the weekly survey by the Mortgage Bankers Association.
On an unadjusted basis, purchase applications were also up 6.8 percent compared to the previous week and rose 9.3 percent compared to the same week a year ago. This is the largest number of applications since the week ending October 2009.
The number of applications to refinance declined 1.3 percent on an adjusted basis compared to the previous week, and the overall mortgage index increased an adjusted 1.3 percent. On an unadjusted basis, it was up 1.5 percent.
Mortgage rates were on the upswing:
- 30-year fixed-rate mortgages increased to 5.04 percent from 5.01 percent.
- 15-year fixed-rate mortgages increased to 4.34 percent from 4.33 percent.
- 1-year ARMs increased to 6.88 percent from 6.75 percent.