Mortgage applications continued their upward climb, increasing 4.8% from one week earlier, according to data from the Mortgage Bankers Association. 

The refinance index also improved, up 5% from the previous week, representing its highest level since mid-January 2013. 

The seasonally adjusted purchase index followed the trend as well, rising 4% from one week earlier and marking its highest level since May 2010.

The refinance share of overall mortgage activity remained unchanged at 75%, and the adjustable-rate mortgage share of activity showed no movement either, remaining at 5% of total applications.

The average 30-year, fixed-rate mortgage with a conforming loan balance decreased to 3.67% from 3.68%.

The average 30-year, FRM with a jumbo loan balance fell to 3.77%, compared to 3.79% last week. 

The average contract interest rate for the 30-year, FRM backed by the FHA also fell to 3.37% from 3.43% the previous week. 

Additionally, the 5/1 ARM continued to fall, down from 2.58% last week to 2.57% this week. The 15-year, FRM decreased from 2.92% to 2.91%.