Mortgage application volume increased 2.5% during the week ending April 11, according to the Mortgage Bankers Association's weekly application survey. The MBA's mortgage application index rose to 743.4 from 725.6 the previous week. Refinance volume increased 5.2% during the week, while purchase volume fell 0.8%. Refinance applications accounted for 53.5% of total mortgage applications. The index peaked at 1,856.7 during the week ending May 30, 2003, at the height of the housing boom. An index value of 100 is equal to the application volume on March 16, 1990, the first week the MBA tracked application volume.

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