Washington, DC, May 14, 2014 -- Mortgage applications rose 3.6% last week from the previous week, according to the Mortgage Bankers Association.
The Market Composite Index increased 3.6% on a seasonally adjusted basis.
The Refinance Index increased 7% from the previous week to its highest level since the week ending April 11, 2014.
The seasonally adjusted Purchase Index decreased less than 1% from one week earlier.
The refinance share of mortgage applications increased to 50% of total applications from 49% the previous week.
The average contract interest rate for 30-year fixed-rate mortgages decreased to 4.39%, the lowest rate since November 2013.