According to The Mortgage Bankers Association’s Weekly Mortgage Applications Survey, purchase activity last week reached its highest level since October 2009. But while the Purchase Index increased 7.4 percent, the Refinance Index fell 8.8 percent. The average contract interest rate for 30-year fixed-rate mortgages increased to 5.08 percent from 5.04, likely causing the dip in refinancing activity. Michael Fratantoni, MBA’s vice president of research and economics, said purchase applications are up largely because of the home-buyer tax credit.
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