Mortgage Applications Increase in the Week Ending April 12th

According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Friday, April 12th, the Market Composite Index—a measure of mortgage loan application volume—increased 3.3% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 4.0% compared with the previous week.

The Refinance Index increased 0.5% from one week ago and was 11.0% higher than the same week one year ago.

The seasonally adjusted Purchase Index decreased 5.0% compared with one week ago. The unadjusted Purchase Index increased 6.0% compared with the previous week but was 10.0% lower than the same week one year ago.

Adding background and analysis to this week’s survey results, MBA Vice President and Deputy Economist Joel Kan said:

“Rates increased for the second consecutive week, driven by incoming data indicating that the economy remains strong, and inflation is proving tougher to bring down. Mortgage rates increased across the board, with the 30-year fixed rate at 7.13%—reaching its highest level since December 2023. Despite these higher rates, application activity picked up, possibly as some borrowers decided to act in case rates continue to rise. Purchase applications drove most of the increase but remain at low levels of around 10% behind last year’s pace. Refinance applications increased very slightly, driven by a 3% gain in conventional applications.”