Individuals across the country chasing the American dream of homeownership helped to push mortgage-application volume up by 2.5% for the week ending April 29, compared with the prior week.

The uptick, as measured by the Mortgage Bankers Association‘s (MBA’s) Market Composite Index, was propelled primarily by purchase-application activity, as rates remain elevated, hovering in the low 5% range and a drag on refinance volume.

The seasonally adjusted purchase index rose 4.1% from the prior week, fueled by increased conventional, Federal Housing Administration (FHA) and Veterans Affairs (VA) loan-application volume. That’s a good sign for the spring homebuying season, which has details ⇒

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