Mortgage Purchase Applications Rise

Purchase applications, which have been flat in recent weeks, rose 2 percent in the latest week and are up a very strong 18 percent year on year. Refinancing applications, which have been climbing, fell back 1 percent. The average rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to 4.08 percent from 4.11 percent.