Purchase applications slipped 0.5 percent in the April 6 week vs a 7.2 percent surge in the prior week when buyers rushed to beat a premium increase on FHA loans. The four-week average is up 2.2 percent which points to strength for underlying home sales. In other data, the refinance index fell 3.1 percent with refinancing, at 70.5 percent of all applications, at its lowest share since July.
The Mortgage Bankers' Association compiles various mortgage loan indexes. The purchase applications index measures applications at mortgage lenders. This is a leading indicator for single-family home sales and housing construction.
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