Purchase demand UP for 2nd week in a row!

According to The Mortgage Bankers Association's Weekly Applications Survey, demand for purchase loans was up 2.0 percent last week. But despite the highest Purchase Index in a month, the Refinance Index fell 5.9 percent, bringing the measure of total application volume down 4.4 percent. Refinance activity fell due to mortgage rates rising from the record lows recorded the week before. The average contract interest rate for 30-year fixed-rate mortgages increased to 4.69 percent from 4.59 percent. More here and here.