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Mortgage loan applications rose for the first time in four weeks, according to The Mortgage Bankers Association today in their Weekly Mortgage Applications Survey. For the week ending April 28, the Market Composite Index showed applications overall increased 8.8 percent on a seasonally adjusted basis from the previous week

Both the Purchase Index and the Refinance Index both saw increases from the previous week, with purchases up 11.3 percent and refinances up 5.1 percent.

“Long-term interest rates, still at historic lows, combined with a healthy labor market, continue to support home sales,” said Bob Walters, chief economist of Quicken Loans, the nation’s largest online lender, which closed $16 billion in home loans in 2005 through QuickenLoans.com. “With the expectation that the Fed will raise the Fed Funds Rate again next week, refinancing is likely to remain strong. Homeowners in adjustable rate mortgages have been refinancing into fixed-rate home loans to protect against rising short-term rates.”

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