Mortgage Purchase And Refinancing Applications Rise

Purchase applications for home mortgages rose a seasonally adjusted 6 percent in the April 13 week, pulling the unadjusted Purchase Index up sharply to a level 10 percent higher than in the same week a year ago. Applications for refinancing increased 4 percent from the previous week, putting the refinance share of total mortgage activity at 37.6 percent, its lowest level since September 2008. The average interest rate on 30-year fixed-rate conforming mortgages ($453,100 or less) remained unchanged at 4.66 percent. The week's sharp pickup in mortgage activity shows buyers returning after a two-week lull and may point to a resumption of strong demand in the housing market.