Highlights
The Mortgage Bankers Association's purchase index rose 3.7 percent in the April 20 week to 411.0, keeping the four-week average little changed at 406.0. Though steady, MBA's data have not been signaling an April rebound in demand. Yesterday's existing home sales for March were surprisingly weak, the result of the month's heavy weather and stricter lending standards tied to subprime trouble. New home sales for March will be released later this morning.

MBA's refinancing index edged 3.6 percent higher to 2,081.6 with refinancings making up a steady share of 43.4 percent of total applications. Thirty-year fixed mortgages moved lower in the week, averaging 6.13 percent.