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Market
Refis tumble in April mortgage application survey
WASHINGTON (4/10/14)--While home purchases edged higher for the fourth straight week, overall mortgage application activity dropped last week, with a tumble in refinance applications leading the way, according to the Mortgage Bankers Association's mortgage applications survey, released Wednesday.

Falling 4.9%, refinance activity now sits at a five-and-a-half-year low ( Economy.com April 9).

On the four-week moving average for refinances, activity sunk by 9% over the past month, and sits 67% lower than levels a year ago. Refinance applications now make up 51% of all applications and 43% of prospective loan volume.

Purchase applications have jumped 6.9% over the last four weeks, though they still come in 15.6% under levels at this time last year.

Additional numbers:
  • Contract rates for 30-year fixed-rate conforming mortgages stood unchanged at 4.56%;
     
  • Contract rates for 30-year fixed-rate jumbo mortgages climbed by 3 basis points to 4.49%; and
     
  • Five-year adjustable-rate mortgage rates increased 1 basis point higher to 3.26%, which is 68 points higher than the prior year's numbers.


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