Highlights
The Mortgage Bankers' purchase index gave back some of its recent gains, down 1.4 percent in the May 11 week to 432.3. But the four-week average, reflecting the strength of prior gains, still edged higher, up 2.1 percent to 427.2.

The refinance index was little changed at 2,115.5 with refinancings making up 42.1 percent of total applications, up 4 tenths in the week. Mortgage rates were also little changed, averaging 6.13 percent for 30-year loans.

The latest indications on the housing sector have been mixed. This report has been solid but yesterday's housing market index was weak as have been comments this earnings season from home builders and home-products manufacturers and retailers. Housing starts for April will be released at 8:30 a.m. ET this morning.