The Mortgage Bankers Association released a report on Wednesday showing a slight increase in U.S. mortgage applications in the week ended April 5th.
The report said the Market Composite Index, a measure of mortgage loan application volume, inched up by 0.1 percent last week after falling by 0.6 percent in the previous week.
The uptick came as the Refinance Index spiked from 10 percent from the previous week, offsetting a 5 percent plunge by the Purchase Index.
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“Mortgage rates moved higher last week as several Federal Reserve officials reiterated a patient posture on rate cuts,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “Inflation remains stubbornly above the Fed’s target, and the broader economy continues to show resiliency.”
He added, “Purchase applications were down almost five percent to the lowest level since the end of February, but refinance applications were up 10 percent, driven particularly by VA refinance applications.”
The report also said the refinance share of mortgage activity increased to 33.3 percent of total applications from 30.3 percent the previous week, while the adjustable-rate mortgage share of activity decreased to 6.9 percent of total applications.
Meanwhile, the FHA share of total applications rose to 12.1 percent from 11.7 percent the week prior and the VA share of total applications climbed to 14.0 percent from 12.1 percent the week prior.