Demand for mortgages picks up

Refi gains outweigh slump in purchase applications

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Mortgage applications were up 5.3 percent the week ending April 17, as increased demand for refinancings outweighed a decline in demand for purchase loans, the Mortgage Bankers Association said.

Refinance applications were up 7.7 percent from the previous week, while applications for purchase loans fell a seasonally adjusted 4.2 percent, the MBA said in releasing the results of its Weekly Mortgage Application Survey.