By Dees Stribling | MHN Online
The Mortgage Bankers Association reports the rate of U.S. mortgage applications each week, and it goes up and down according to the vagaries of the economy and interest rates. Still, the MBA reported a milestone in its report on Wednesday, which covers the week ending May 2. Namely, the refinance share of mortgage activity decreased to 49 percent of total applications from 50 percent the previous week, marking it the first time in five years that there were more mortgages applications for home purchases than refinance.
