Despite mortgage rates moving back to a record low of 4.78% early in the week, according to Freddie Mac's survey, mortgage application activity was not very responsive.

The Mortgage Bankers Association's (MBA) reported the Refinance Index rose 1.2% to 5169 for the week ending May 1, while the Purchase Index gained 5.0% to 264.3.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.