Mortgage applications end four-week streak of declines

Both refinance, and purchase applications jumped 9% from the previous week. The refi share of total applications dropped from 49.9% to 49.5% due to increased purchase activity.

“A six-basis-point decline in the 30-year fixed-rate mortgage led to a slight rebound in total refinance activity, with a larger gain in government refinances. Looking ahead, the potential for higher inflation amid disruptions in oil and other commodity flows will likely lead to a period of volatility in rates as these effects work against each other,” said Kan.

“Purchase activity also increased, as prospective buyers acted on lower rates and the early start of the spring buying season. The average loan size remained close to record highs, with higher-balance loan applications continuing to dominate growth.”