Purchase loans tick up

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Applications for purchase loans increased a seasonally adjusted 2 percent for the week ending May 3 from the previous week, and were up 12 percent on an annual basis, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.

Meanwhile, applications for refinance loans climbed 8 percent from the previous week reaching the highest level since December 2012. The MBA attributed the gain to increases in both the conventional and government refinance indices. Source: MBA