Mortgage Applications Up on Purchase Demand

Washington, DC, May 2, 2012 -- Mortgage application volume edged up last week on greater demand for purchases, according to the Mortgage Bankers Association.

MBA said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, rose 0.1% in the week ended April 27.

The refinance share of total mortgage activity fell back to 72.6% of applications from 73.4% the previous week.

Fixed 30-year mortgage rates averaged 4.05% in the week, up from 4.04%.