The Mortgage Bankers Association said Wednesday that applications for refinancing home loans were up 9% to the highest level since May of 2009, but new mortgages taken out to purchase new homes fell 2%.
That's the eighth drop in the last nine weeks, after the government tax credits that prompted home sales ended April 30th. They also said that applications for mortgages to purchase homes were 35% below last years levels. Application to refinance loans made up 79% of the total applications, the highest share of refinancing activity since April of 2009.
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