A modest uptick in purchase mortgage applications during the week ended
April 24 was insufficient to offset a sizable drop in refinancing. The Mortgage Bankers Association (MBA) said
that its seasonally adjusted Market Composite Index, a measure of overall
mortgage application volume, which had risen by 2.3 percent the previous week,
fell back by the same percentage and was down by 2.0 percent on an unadjusted basis
compared to the previous week.
The Refinance Index dropped by 4 percent from its level during the week
ended April 17. The refinance share of
mortgage activity was at 55 percent down from 56 percent the previous week and
its lowest level since last September.