Mortgage application activity held fairly steady in the week ending May 11. The Mortgage Bankers Association reported that the Refinance Index remained basically unchanged at 2115.5 compared with 2115.2 in the previous survey, while the Purchase Index slipped just 1.4% to 432.3 from 438.3. This was in line with expectations as mortgage rates remained virtually unchanged during that week. A year ago the Refinance Index stood at 1547 with mortgage rates in the high 6.50% area.

As a percent of total application activity, refinance share increased to 42.1% from 41.8%. Meanwhile, ARM share slipped further to 17.4% from 18%.

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