According to the most recent data from the Mortgage Bankers Association, the weekly total of mortgage refinance applications increased during the week ending May 13.
Week-over-week, applications grew by 7.8 percent, according to the MBA Market Composite Index, which is seasonally adjusted. Unadjusted, the total was up 7.1 percent week-over-week.
The Refinance Index also showed improvement, increasing by 13.2 percent from the previous week, which represents the highest level for the index since the week ending December 10.
The Purchase Index was the only one to decrease, falling 3.3 percent week-over-week and 1.7 percent year-over-year.
"The 30-year fixed mortgage rate is now 53 basis points below its 2011 peak, and has decreased for five straight weeks," said Michael Fratantoni, MBA’s vice president of research. "Over this five week span, the refinance index has increased by about 33 percent. Refinance application volumes remain about 50 percent below the most recent peak last October."
Both the Market and Refinance Indices' four week moving averages increased, growing by 3.6 and 7.2 percent, respectively. The four week moving average for the Purchase Index declined by 2.9 percent.