The weekly number of people who applied to refinance their home loans amounted to the fewest since 2008. The same goes for refinance share. Two things that did grow were the jumbo-conforming spread and the share of applications to veterans.

During the week ended May 4, the volume of applications for mortgages, as measured by the Market Composite Index, was off less than a seasonally adjusted 1 percent from the preceding week.

When seasonal factors are not a part of the equation, retail residential loan application volume was unchanged compared to the seven-day period that concluded on April 27.

Source: Mortgage Daily