Mortgage Purchase Volume Has a Another Strong Week

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Purchase Volume Has a Another Strong Week Mortgage application volume continued its recovery last week driven by a second strong increase in purchasing activity. The seasonally adjusted Purchase Index increased 5 percent on both a seasonally adjusted and an unadjusted basis. "Despite a slow start to this year’s spring home buying season, prospective buyers are showing some resiliency to higher rates. The average contract interest rate for conforming 30-year fixed-rate mortgages increased to 5.53 percent from 5.36 percent, with points increasing to 0.73 from 0.63. The rate for 5/1 ARMS averaged 4.47 percent with 0.73 point compared to 4.25 percent with 0.75 point the prior week.

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