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The Mortgage Bankers Association said its
seasonally adjusted index of mortgage application activity,
which includes both refinancing and home purchase demand, fell
4.6 percent in the week ended May 1.
The MBA's seasonally adjusted index of refinancing applications
fell 8.3 percent to its lowest level since January, while the
gauge of loan requests for home purchases, a leading indicator
of home sales, rose 0.8 percent to its highest level since June
2013.
The refinance share of total mortgage activity fell to 53
percent of applications from 55 percent the week before.
Fixed 30-year mortgage rates averaged 3.93 percent in the week,
up 8 basis points from 3.85 percent the previous week.
The survey covers over 75 percent of U.S. retail residential
mortgage applications, according to MBA.
(Reporting by Caroline Valetkevitch; Editing by Diane Craft)
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