Mortgage Applications Rebound in the Week Ending April 5th

According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Friday, April 5th, the Market Composite Index—a measure of mortgage loan application volume—increased 0.1% on a seasonally adjusted basis from one week earlier, ending four consecutive weeks of declines. On an unadjusted basis, the Index increased 0.2% compared with the previous week.

The Refinance Index increased 10.0% from one week ago and was 4.0% 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 decreased 4.0% compared with the previous week and was 23.0% lower than the same week one year ago.

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

“Mortgage rates moved higher last week as several Federal Reserve officials reiterated a patient posture on rate cuts. Inflation remains stubbornly above the Fed’s target, and the broader economy continues to show resiliency. Unexpectedly strong employment data released last week further added to the upward pressure on rates. The 30-year fixed rate increased to 7.01%, the highest in over a month. Purchase applications were down almost 5% to the lowest level since the end of February, but refinance applications were up 10%, driven particularly by VA refinance applications.”