Mortgage application activity was mixed in the week ending April 30 with refinancing activity lower, while purchase activity was higher as borrowers took advantage of the homebuyers tax credit before it expired on April 30.

According to the Mortgage Bankers Association (MBA), the Refinance Index slipped 2.1% to ~2118 despite a decline in the average contract interest rate for 30-year mortgages to 5.02% from 5.08%.

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