Highlights
Purchase applications popped up in the April 27 week to 427.3 in a 4.0 percent week-to-week jump that lifted the four-week average 1.5 percent to 412.2. Though only one week's results, the reading will revive hopes that the worst for the housing sector may be over. April data on the housing market, outside of this report, will begin unrolling with the NAHB housing market index on Tuesday May 15.

Favorable mortgage rates are a big plus for the housing market as 30-year fixed loans averaged 6.14 percent, up 1 basis point in the week. Refinancing demand remains no more than moderate with the related index down 3.2 percent in the week to 2,015.8. Refinancings made up 41.5 percent of all applications, down from 43.4 percent in the prior week.