Purchase applications for home mortgages rose a seasonally adjusted 4 percent in the April 28 week, rebounding after two weeks of declines to pull the unadjusted purchase index to a level 5 percent higher than a year ago, a 4.6 percentage point increase from the prior week. The strong rebound in purchase applications stands in sharp contrast to refinancing, where a 5 percent decline from the previous week took back gains that came on the back of declining mortgage rates. Rates rose in the April 28 week, however, with the average interest rate on 30-year fixed-rate conforming mortgages ($424,000 or less) up 3 basis points to 4.23 percent. The refinancing share of mortgage activity fell 2.4 percentage point to 41.6 percent. The rebound in purchase applications back up to a level that is in line with government data, notably new home and existing home sales, showing the housing market at expansion highs in March, relieves some doubts that were cast on the continuation of housing's strength by recent weakness in this leading indicator for the housing market.