Mortgage applications were up during the last week of April, 2012, according to new figure from the Mortgage Bankers Associations (MBA). The total number of new mortgages filed during the week that ended April 26 was 2 percent higher than it had been during the previous week. Refinances remained 75 percent of all new mortgage filings and adjustable rate loans continued to represent 4 percent of home loans filed. 

The Home Affordable Refinance Program (HARP) made up 33 percent of all refinance activity, its highest share since MBA began tracking the program in 2012. 

Low interest rates have led new buyers to enter the market and current homeowners to refinance for a better rate. 

The average rate on 30-year fixed-rate mortgages with conforming was at 3.6 percent during the week, from 3.65 percent in the prior week and the lowest rate since December 2012. The average rate on 30-year fixed-rate mortgages backed by the Federal Housing Administration fell to 3.34 percent from the prior week's 3.37 percent.

Though rates are low, some interested potential buys remain unable to secure financing due to very tight lending standards. 

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