Home loan application volume increased by 8.5 percent last week compared to the prior week, according to the Mortgage Bankers Association.
The association’s Refinance Index increased by 11.1 percent and the Purchase Index increased by 4 percent.
The association said the increase in the purchase index reflects a 10 percent increase in government purchase applications and a 0.2 percent decrease in conventional purchase applications.
Applications to refinance made up 74.4 percent of all home loan application volume during the week. And the average interest rate on a 30-year mortgage increased to 4.88 percent from 4.79 percent a week earlier, ending a six-week run of declining fixed-loan rates.
