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Mortgage applications remain unchanged despite boost in refinances

Overall mortgage applications remained essentially flat despite a strong week for refinances, the Mortgage Bankers Association (MBA) reported on Wednesday.

Refinance applications jumped 3 percent to the highest level since May, but purchase loan applications fell by 4 percent. Overall applications increased by just 0.1 percent, the trade group said.

The refinance share of application jumped by 1.8 percent to 53.1 percent, the highest level since April, the trade group said. Although purchase activity was down, it remains 20 percent higher than the same week a year ago.

The key 30-year fixed rate remained unchanged at 4.13 percent, MBA said. 


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