Mortgage applications in the United States increased by 9.7% in the week ending March 1, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey published on Wednesday.

According to the report, the average contract interest rate for 30-year fixed-rate mortgages continued to decline, falling to 7.02% from last week’s 7.04%. Meanwhile, the Refinance Index advanced 8% compared to the previous week, while the seasonally adjusted Purchase Index climbed by 11% on a weekly basis.

“Mortgage applications were up considerably relative to the prior week, which included the President’s Day holiday. Of note, purchase volume – particularly for FHA loans – was up strongly, again showing how sensitive the first-time homebuyer segment is to relatively small changes in the direction of rates,” MBA Chief Economist Mike Fratantoni commented.

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