The Mortgage Bankers Association (MBA) announced on Wednesday the U.S. mortgage applications fell 3.5 percent in the week ended April 12, following a 5.6 percent drop in the previous week.   

According to the report, refinance application declined 8.2 percent, while applications to purchase a home increased 0.9 percent, reaching their highest level since April 2010.

At the same time, the average contract interest rate for 30-year fixed-rate mortgages rose by 4 bps to 4.44 percent.

“With mortgage rates up for the second week in a row, it’s no surprise that refinancings slid 8%, and average loan sizes dropped back closer to normal levels,” noted Joel Kan, MBA’s associate vice president of economic and industry forecasting. “The spring buying season continues to be robust.”