Mortgage refi slowing as home buying increases

The refinance share of the market declined for the 10th straight week in America while home buying activity has increased.
The Mortgage Bankers Association reported Wednesday refinancing accounted for 75 percent if the mortgage applications last week. New purchase applications now account for 25 percent of the market.
Total activity was down from the previous week, but buyer activity is still up 6 percent from a year ago.
The average interest rate for both jumbo and conforming, 30year fixed loans rose last week but remain below 4 percent.

Rob Varnon