(RTTNews) - Mortgage applications in the U.S. saw a notable rebound in the week ended May 3rd, according to a report released by the Mortgage Bankers Association on Wednesday.
The MBA said the Market Composite Index, a measure of mortgage loan application volume, surged 2.6 percent last week after tumbling by 2.3 percent in the previous week.
"Mortgage applications increased for the first time in three weeks, with refinances up 5 percent," said Mike Fratantoni, MBA's Senior Vice President and Chief Economist.
He added, "Even with the increase, which included a 29 percent jump in VA refinances, refinance volume remains about 6 percent below last year's already low levels."
The report said the Refinance Index spiked by 5 percent from the previous week but was 6 percent lower than the same week one year ago.
The Purchase Index also jumped by 2 percent compared with the previous week but was 17 percent lower than the same week one year ago.
