Application volume is flat as refinance activity slows

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Mortgage application volume decreased 0.1% from one week earlier as refinance activity resumed its decline, according to the Mortgage Bankers Association.

The MBA's Weekly Mortgage Applications Survey for the week ending April 28 found that the refinance index decreased 5% from the previous week.

The seasonally adjusted purchase index increased 4% from one week earlier, while the unadjusted purchase index increased 5% compared with the previous week and was 5% higher than the same week one year ago.

The refinance share of mortgage activity decreased to 41.6% of total applications from 44% the previous week.

Adjustable-rate mortgage applications decreased to 8.4% of the total, while the Federal Housing Administration share increased 4 basis points to 10.4% from the week prior.

The VA share of total applications decreased 1 basis point to 10.8% and the USDA share remained unchanged at 0.8%.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) increased to 4.23% from 4.2%. For 30-year fixed-rate mortgages with jumbo loan balances (greater than $424,100), the average contract rate increased to 4.18% from 4.15%.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 4.06% from 4.03%, while for 15-year fixed-rate mortgages, the average increased to 3.51% from 3.46%.

The average contract interest rate for 5/1 ARMs increased to 3.29% from 3.22%.

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