Purchase applications for home mortgages fell a seasonally adjusted 3 percent in the June 9 week, though the decline is a result of heavy adjustments for the Memorial Day holiday in the prior week. The unadjusted purchase index increased 19 percent from the prior week to a level 8 percent higher than the same week a year ago. Applications for refinancing rose a sharp 9 percent from the prior week to the highest level since November 2016, increasing the refinancing share of mortgage activity to 45.4 percent, up 3.3 percentage points from the prior week. The average interest rate on 30-year fixed rate conforming mortgages ($424,000 or less) fell 1 basis point to 4.13 percent, the lowest level since November 2016. Boosted by lower mortgages rates as long term interest rates decline despite fed fund rate hikes, mortgage activity has picked up strongly in the last two weeks. An 8 percent year-on-year gain in purchase applications points to a resumption of strength in the housing market, where robust first quarter activity faltered in April.