Mortgage Applications Increase 4.7%

Mortgage applications filed last week rose a seasonally adjusted 4.7%, increasing even as interest rates charged on home loans experienced an upturn from the week before, the Mortgage Bankers Association said.

Filings to refinance existing loans increased 3.2% for the week ended April 3 compared with the week before, while mortgage applications to buy homes rose a seasonally adjusted 11.1%, also on a week-to-week basis, the MBA's latest survey showed. The survey covers about half of all U.S. retail mortgage applications.

The four-week moving average for all mortgages was up 13.3%, mainly reflecting strength in refinancing activity, according to the Washington-based MBA.

Overall, applications last week jumped an unadjusted 67.6% compared with the same week in 2008.

The MBA's latest results show a continuation of the trend seen recently as more people test the waters in the aftermath of the government's moves to stimulate activity in the housing market.