Home Purchase Applications Rose Last Week

Washington, DC, March 28, 2012 -- More potential home buyers applied for mortgages last week but overall mortgage activity was down from the week before, according to the Mortgage Bankers Association.

MBA said its index of overall mortgage application activity fell 2.7% in the week ended March 23.

However, its measure of loan requests for home purchases rose 3.3%, though refinancing application volume dropped 4.6%.

The decline in refinancing was driven by a 12.0% drop in government refinance activity, while conventional applications fell just 3.4%, the report said.

The refinance share fell to 71.9% of applications from 73.4%.

Fixed 30-year mortgage rates jumped to their highest level since November to average 4.23%.