Purchase Apps Stable, Refis Slip

Mortgage applications slid 5.6% on a seasonally adjusted basis for the week ended April 16, according to the Mortgage Bankers Association of America's Weekly Mortgage Applications Survey.On an unadjusted basis, applications were down 5.0% on the week, and 27.8% lower than they were a year earlier. On a seasonally adjusted basis, the Purchase Index inched up to 434.1 from 432.2, and the Refinance Index climbed fell to 2550.3.8 from 2861.6. Refinancings represented 47.3% of total applications, down from 50.4% the previous week, while adjustable-rate mortgages accounted for 32.7%. The average contract interest rate for 30-year fixed-rate mortgages increased to 5.84% from 5.77%, and points (including the origination fee) increased to 1.36 from 1.33 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mbaa.org.