Mortgage Purchase Applications And Refinancing Slip

Purchase applications are not pointing to Spring acceleration for the housing sector, down 2.0 percent from the April 22 week with the year-on-year rate continuing to come down, to 14 percent from 17 percent. This rate was as high as 30 percent as recently as March. Refinancing activity also declined, down 5.0 percent in the week. Rates remain very low with the average 30-year mortgage for conforming loans ($417,000 or less) at 3.85 percent for a 2 basis point rise in the week.