Mortgage Purchase Applications Rise, Refinancing Declines

Purchase applications for home mortgages managed to rise 1.0 percent in the April 29 week, but refinancing continued to decline, down 6.0 percent after falling 5.0 percent in the prior week. Though purchase applications are 13 percent higher than the same week a year ago, the year-on-year gain has narrowed sharply from the 30 percent gains seen as recently as March. Rates crept slightly higher, with the average 30-year mortgage for conforming loans ($417,000 or less) up 2 basis points to 3.87 percent.