Mortgage Applications Increase in the Week Ending April 4

According to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Friday, April 4, the Market Composite Index—a measure of mortgage loan application volume—increased 20.0% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 20.0% compared with the previous week.

The Refinance Index increased 35.0% from the previous week and was 93.0% higher than the same week one year ago.

The seasonally adjusted Purchase Index increased 9.0% from one week earlier. The unadjusted Purchase Index increased 10.0% compared with the previous week and was 24.0% higher than the same week one year ago.

Commenting on the results of this week’s survey, MBA Vice President and Deputy Chief Economist Joel Kan said,

“Mortgage applications increased by 20% to its highest level since September 2024, driven by purchase and refinance applications picking up in a volatile week where economic uncertainty caused rates to drop across the board. The 30-year fixed mortgage rate was 6.61% Both homebuyers and refinance borrowers were quick to take advantage of this dip in rates, driving the purchase index 24% higher than a year ago to the strongest pace since January 2024. Refinance applications rose by 35% to the highest level in six months, as borrowers with larger loan sizes tend to be more sensitive to rate changes. The average refinance loan size jumped to its second highest in the survey at $399,600.”