Wednesday, April 20, 2016
Mortgage Purchase Applications Fall, Refinancing Rises
Purchase applications for home mortgages in the April 15 week fell 1.0
percent while refinancing applications rose 3.0 percent from the
previous week. While still 17 percent higher year-on-year, the purchase
index has retreated considerably from the 30-plus percent year-on-year
gains seen in March. The very low mortgage rates that have been the
driving force behind increased mortgage activity were a shade higher in
the week, up 1 basis point to 3.83 percent for the average 30-year
mortgage for conforming loans ($417,000 or less).
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