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.