For the third month in a row, loan applications to purchase a home rose, CNBC reports.
But lower interest rates were not enough to increase mortgage refinances. Data from the Mortgage Bankers Association say that total mortgage application volume rose 0.4 percent week-to-week on a seasonally adjusted basis for the week ending April3.
The MBA says that a 7 percent surge in applications by homebuyers was what drove the increase. Purchase applications are now 12 percent higher year-over-year.