| Actual | Previous |
| -8.6% | 2.0% |
- Requests for home loans edged higher but overall index declined as refinancing activity dropped.
- Applications for loans rose marginally in week ended May 8, holding slightly elevated levels in the midst of keenly watched spring selling season.
- Refinancing applications fell –11.2% to 4,588.6. The lowest level since mid-February.
- Trade group’s purchase loan index climbed 0.5% to 265.7
- Refinancing represents about 72% of mortgage applications
"Refinances have dominated the mortgage application figures steadily over the last three or four months. We're still doing such overwhelming refinance application volume, but the number of units that we are seeing on the purchase side is encouraging," said Paul Anastos (vice president of Mortgage Master, Inc)
- Still low rates have not yet been enough to overcome fears of job loss with unemployment at its highest rate in more than a quarter century.
Source: CNN Money
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