Mortgage application activity dropped nearly 10% in the week ending April 9 with both refinancing and purchase activity declining.

"Applications for government mortgages dropped substantially last week, following implementation of an increase in FHA mortgage insurance premiums," Mike Fratantoni, the Mortgage Bankers Association's vice president of research and economics said. "Applications for conventional mortgages also dropped last week, with refinance application volume continuing to drop following last week"s jump in rates."

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