US DATA: MBA refis +13.5% and the purchase index was -11.2%, making the
Mtg Banks Assoc Market Composite +6.9% adjusted in the April 13 wk. The
MBA said 32% of the new refis were in HARP loans. The sharp drop in
purchases was due to sales borrowed by previous weeks when FHA purchases
accelerated due to a pending increase in insurance fees. The 4-wk moving
average was +1,60% and the ave 30-yr fixed conforming loan rate was down
to 4.05%. See the survey summary on the MNI main wire.