Mortgage Applications Trend Lower as Interest Rates Climb in the Week Ending April 19th

According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey for the week ending Friday, April 19th, the Market Composite Index—a measure of mortgage loan application volume—decreased 2.7% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 2.0% compared with the previous week.

The Refinance Index declined 6.0% from one week ago but was 3.0% higher than the same week one year ago.

The seasonally adjusted Purchase Index decreased 1.0% compared with one week ago. The unadjusted Purchase Index increased 0.2% compared with the previous week but was 15.0% 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 continued to move higher last week, reaching their highest levels since late 2023 and putting a damper on applications activity. The 30-year fixed rate increased for the third consecutive week to 7.24%, the highest since November 2023. Purchase applications declined, as home buyers delayed their purchase decisions due to strained affordability and low supply. The ARM share of applications increased to 7.6%, consistent with the upward trend in rates, as buyers look to reduce their potential monthly payments.”