Mortgage applications surged 4.8% in the week ended April 12, as refinances grew 5% and purchases gained 4%, according to data from the Mortgage Bankers Association's weekly mortgage applications survey.
Refinances remained 75% of volume, while adjustable-rate mortgages accounted for 5% of applications, equal to the prior week.
The average 30-year fixed-rate mortgage with conforming loan balances ($417,500 or less) interest rate dipped to 3.67% from 3.68%, while the average 15-year fixed-rate mortgages slid to 2.91% from 2.92%.
