From the MBA: Mortgage Applications Increase in Latest MBA Weekly Surve
Mortgage applications increased 2.7 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 21, 2017.
… The Refinance Index increased 7 percent from the previous week. The seasonally adjusted Purchase Index decreased 1 percent from one week earlier. The unadjusted Purchase Index increased 0.1 percent compared with the previous week and was 0.4 percent higher than the same week one year ago.
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The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) decreased to its lowest level since November 2016, 4.20 percent, from 4.22 percent, with points increasing to 0.37 from 0.35 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans.
emphasis added
Click on graph for larger image.
The first graph shows the refinance index since 1990.
Refinance activity increased last week as rates declined, but remains low – and will not increase significantly unless rates fall sharply.
The second graph shows the MBA mortgage purchase index.
Even with the increase in mortgage rates late last year, purchase activity is still up slightly year-over-year.