Mortgage Purchase Applications Remain Robust

While rising only 0.3 percent in the March 11 week, purchase applications for home mortgages remain very robust, up 33 percent year-on-year. Refinancing applications fell back 6.0 percent in the latest week, as recent weakness in this index continues to nibble away some of the strong gains made earlier in the year. Rising mortgage rates may be slowing down demand, with the average 30-year mortgage for conforming loans ($417,000 or less) up 5 basis points in the week to 3.94 percent.