The association said mortgage activity jumped 14.8 percent from the previous week, while refinancing activity rose 15 percent in the week ending Friday.
Interest rates for 30-year, fixed-rate conforming mortgages fell from 3.77 percent to 3.7 percent during the week. Points for 30-year conforming loans fell from 0.48 to 0.39.
The average interest rate for 30-year contracts on jumbo loans -- larger than $417,500 -- decreased from 3.93 percent to 3.8 percent. Points for 30-year jumbo loans held steady at 0.37.
Interest rates for 15-year, fixed-rate mortgages fell from 3.03 percent to 2.96 percent, with points rising from 0.34 to 0.36.
The average rate for 30-year loans backed by the Federal Housing Administration fell from 3.54 percent to 3.47 percent, with points falling from 0.41 to 0.33. The average rate for short-term, adjustable-rate mortgages fell from 2.65 percent to 2.55 percent in the week, with points rising from 0.36 to 0.37, the MBA said.
Notable deaths of 2014 [PHOTOS]
ATM fees on the rise, again