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Application Volume Rises for Both Purchase, Refinance Loans

Mortgage applications jumped again last week as activity increased all around, the ""Mortgage Bankers Association"":http://www.mbaa.org/default.htm (MBA) reported Wednesday.

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According to MBA's Weekly Mortgage Applications Survey for the week ending April 12, application volume increased 4.8 percent week-over-week on a seasonally adjusted basis. On an unadjusted basis, the survey's Market Composite Index rose an even 5 percent.

The Refinance Index rose 5 percent last week, reaching its highest level since mid-January, MBA reported. The refinance share of mortgage activity was unchanged at 75 percent.

Meanwhile, the seasonally adjusted Purchase Index increased 4 percent, rising to its highest level since May 2010. The unadjusted Purchase Index was up 5 percent week-over-week and was 20 percent higher than the same week in 2012. In addition, the adjusted Conventional Purchase index rose 3 percent last week, climbing to its highest level since October 2009.

While the average contract interest rate for a 30-year fixed-rate mortgage slipped somewhat last week (falling to 3.67 percent from 3.68 percent), MBA noted points increased to 0.50, raising the effective rate.

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