The Mortgage Bankers Association (MBA) released its weekly report on mortgage applications this morning, noting an increase of 4.8% in the group’s seasonally adjusted composite index, following a rise of 4.5% for the previous week.

The seasonally adjusted purchase index increased by 4% from the previous report. On an unadjusted basis, the composite index rose 5% week-over-week. The unadjusted purchase index increased by 5% for the week and is up 20% year-over-year.

The share of refinancings remained unchanged from the previous week, at 75%.

The average mortgage loan rate for a conforming 30-year fixed-rate mortgage fell from 3.68% to 3.67%. The rate for a jumbo 30-year fixed-rate mortgage decreased from 3.79% to 3.77%. The average interest rate for a 15-year fixed-rate mortgage slipped from 2.92% to 2.91%.

The contract interest rate for a 5/1 adjustable rate mortgage loan declined from 2.58% to 2.57%.

Mortgage loan rates fell again this week, for the third consecutive week, after rising for a couple of weeks in March. While it is tricky to pin down the reasons for the lowering rates, certainly the availability of cash to banks has a significant impact, as does pent-up demand from buyers. Credit is still difficult to get, though, according to home builders.

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