refinance share of mortgage activity lowest since may

"It was another rough week in terms of mortgage demand, according to the latest release from the Mortgage Bankers Association. Mortgage application volume was off 6.7 percent on a seasonally adjusted basis during the week ending April 8 as both refinance and purchase money mortgage volume slipped lower... [refinance activity fell] to 60.3 percent of total applications from 61.2 percent a week earlier, the lowest level since the week ending May 7, 2010.''