Purchase applications for home mortgages rose a seasonally adjusted 10 percent to the highest level since May 2010 in the June 2 week, a sharp increase that follows 3 weeks of declines. Results were heavily adjusted to account for the Memorial Day holiday, however, and the unadjusted purchase index fell 14 percent from the prior week, though the year-on-year gain fell only 1 percentage point to a still strong 6 percent. The refinance index rose by a more moderate 3 percent in the week, taking the refinance share of mortgage activity down 1.1 percentage points to 42.1 percent. The average interest rate on 30-year fixed-rate conforming mortgages ($424,000 or less) fell 3 basis points to 4.14 percent, the lowest rate since November 2016. The healthy 6 percent year-on-year increase in purchase applications for home mortgages indicates that the robust housing market of the first quarter is probably still alive despite other recently released but older period data showing weakness, such as last week's release of pending home sales for April, which were down for a second straight month and 3.3 percent below last year's level.