Mortgage applications grow on refinancing activity
Mortgage applications rose 4% this past week as home refinancing activity grew and interest rates dropped. For the week ending April 29, the MBA's market composite index – a measure of mortgage loan application volume – grew 4% on a seasonally adjusted basis, while the refinance index increased 6%. The four-week moving average for the seasonally adjusted market index and the purchase index fell 0.9% and 2.4%, respectively, while the refinance index remained unchanged from the previous week. Meanwhile, the average 30-year, fixed-rate mortgage fell for the third consecutive week to 4.76% from 4.80% a week earlier, and the 15-year FRM decreased to 3.96% from 4.03%. Refinancing activity during the period rose to 62.7% of total applications, compared to 61.6% a week earlier. Write to Kerri Panchuk.