NEW YORK - Mortgage applications increased 1.7% in the week ended May 4, according to data from the Mortgage Bankers Association's Weekly Mortgage Applications Survey.

The refinance index increased 1.3% and the purchase index increased 3.4%.

The four week moving average for the seasonally adjusted market index is up 1.13%. The four week moving average is down 0.82% for the seasonally adjusted purchase undex, while this average is up 1.81% for the refinance rndex.

The refinance share of mortgage activity decreased to 72.1% of total applications from 72.6 percent the previous week.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) decreased to 4.01% from 4.05%.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.29% from 3.31%.

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