US Mortgage Applications Increase in the Week Ending April 10

According to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Friday, April 10, the Market Composite Index—a measure of mortgage loan application volume—increased 1.8% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 2.0%.

The Refinance Index increased 5.0% from the previous week but was 15.0% higher than the same week one year ago.

The seasonally adjusted Purchase Index decreased 1.0% from one week earlier. On an unadjusted basis, the Purchase Index was unchanged compared with the prior week but was 3.0% lower than the same week one year ago.

In remarks accompanying the release, MBA Vice President and Deputy Chief Economist Joel Kan said:

“Given the evolving situation in the Middle East and its impact on energy and commodity prices, mortgage rates declined last week. The 30-year fixed rate decreased to 6.42%, its lowest level in a month. This dip in rates helped to support an increase in conventional refinance applications, which had declined for five consecutive weeks. Purchase activity remained subdued as potential homebuyers remained hesitant given the current economic uncertainty, which kept purchase applications below last year’s level for the second consecutive week. Conventional purchase applications were essentially unchanged over the week, while FHA and VA purchase applications declined.”