The MBA said its composite index of mortgage loan applications, whose March 16, 1990, base equals 100, rose to 761.7 from 703.9 a week earlier.
The MBA seasonally adjusted purchase index with increased 12.6 percent to 496.5 from 440.9 the previous week.
The group's seasonally adjusted refinance index increased 3.1 percent to 2,303.9 from 2,233.8 a week earlier.
The MBA said the refinance share of mortgage activity declined to 45.7 percent of total applications from 47.7 percent the previous week. The adjustable-rate mortgage share of activity declined to 34.4 percent of total applications from 34.9 percent a week ago.
The survey covers approximately 50 percent of all U.S. retail residential mortgage originations, and has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks and thrifts.
Copyright 2004 by United Press International
