Mortgage Applications Rise, but Not By Much

Mortgage applications rose a scant 0.1% for the week ending April 27 with refinancings slipping ever so slightly, according to new figures compiled by the Mortgage Bankers Association.

The refinance share of mortgage activity decreased to 72.6% of all new business compared to 73.4% the week prior.

The government share of purchase applications remained steady at 37%.

The four-week moving average for new applications is up just 0.09%. The trade group measures business through a proprietary index.

During March, the investor share of applications for home purchase was at 5.7%, a slight decrease from 6.1% in February.

The MBA reported that the average contract rate on a 30-year FRM rose a hair to 4.05% from 4.04% the week before. The rate on jumbos increased to 4.32% from 4.27%.

 

 

Article source: http://www.nationalmortgagenews.com/dailybriefing/mortgag-applications-rise-1030207-1.html

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