The volume of mortgage applications to purchase homes decreased by 3.3 percent nationwide last week as applications to refinance surged 17 percent, according to the Mortgage Bankers Association.
Applications to purchase were down 27 percent over the last four weeks and were 27.5 percent lower than the same week a year ago, the MBA said.
The surge in refinance applications was due to interest rates well below 5 percent. Refinance applications accounted for 72.2 percent of all home loan application activity during the week.
