Mortgage Purchase Applications Slip, Still Strong For The Year

Housing permits and residential construction spending have been flat in contrast to purchase applications for home mortgages which, though slipping 1.0 percent in the February 26 week, are up a striking 27 percent from this time last year. Refinance applications, which have also been climbing this year, fell back 7.0 percent in the week. Rates moved sharply lower in the week with the average for conforming mortgages ($417,000 or less) down 2 basis points to 3.83 percent.