In a reversal of trend, Refinances had a huge jump last week in the weekly index of mortgage applications from the MBA, jumping 13.5 percent for the week. Purchases however took a breather from improvements for the second week in a row declining by 11.2 percent for the week ending April 13. Overall mortgage volume jumped 6.9 percent for the week, and the percentage of refinances as it relates to all mortgage activity rose significantly as well, now accounting for 75.2 percent of all applications. That figure was up from 70.5 percent the prior week.
The 10-year Treasury Yield continued its flat journey, ending the day at a yield of 1.98. Mortgage rates were flat as well. Thursday is a huge data day with jobless claims and existing home sales reports being released.