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Another week, another rise in mortgage applications

The number of mortgage applications for the week ending April 12, 2013, increased another 4.8 percent on a seasonally adjusted basis from one week earlier, the Mortgage Bankers Association announced today. On an unadjusted basis, the Index increased 5 percent compared with the previous week.

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The Refinance Index increased 5 percent from the previous week and the seasonally adjusted Purchase Index increased 4 percent from one week earlier, and is at its highest level since May 2012, the statement noted. Unadjusted, the Purchase Index increased 5 percent compared with the previous week, and was 20 percent higher than the same week one year ago.

The refinance share of mortgages was unchanged at 75 percent of total applications from the previous week. The adjustable-rate mortgage share of activity held at 5 percent of total applications. –Hayley Kaplan

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