Mortgage applications experienced a 4 percent increase last week (April 29), according to HousingWire.
Mortgage application activity includes both refinancing and home purchase demand. Overall, refinancing activity is currently on the rise, while interest rates are decreasing.
The average 30-year, fixed-rate mortgage, which has been decreasing for the past three weeks, continues to dwindle down to 4.76 percent, another .04 percent decrease from the previous week.
The Mortgage Bankers Association found that their seasonally adjusted index of refinancing applications had a 6 percent hike, while the refinance share of mortgage activity is at its monthly high, at 62.7 percent, according to CNBC.