WASHINGTON, May 8 (Xinhua) -- Mortgage applications in the United States rebounded after weeks of decline, according to a report released by Mortgage Bankers Association (MBA) on Wednesday.
For the week ending May 3, MBA's market composite index, a measure of mortgage loan application volume, rose 2.7 percent from a week earlier.
Besides, the purchase index before seasonal adjustment rose 5 percent from the previous week and was 5 percent higher than the same week one year ago.
"We saw a good week for the spring homebuying season, as a 5 percent increase in purchase applications -- both weekly and year-over-year -- drove the results," said Joel Kan, associate vice president of economic and industry forecasting of MBA.
After removing the influences of predictable seasonal patterns, the seasonally adjusted purchase index increased 4 percent from one week earlier, according to MBA.
"With purchase activity increasing and mortgage rate movements mostly unchanged, the refinance share of applications were at their lowest level since last November," said Kan.
MBA's data showed that the refinance index, a measure of mortgage refinance activity, edged up 1 percent from the previous week.
"Average loan amounts also stayed elevated, with government purchase applications rising to the highest in the survey," Kan said. "Even with slower price appreciation in higher-priced markets, home prices are still rising enough to push average loan sizes higher."