US Mortgage Applications Rise in the Week Ending April 17

According to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Friday, April 17, the Market Composite Index—a measure of mortgage loan application volume—increased 7.9% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 9.0%.

The Refinance Index increased 6.0% from the previous week and was 52.0% higher than the same week one year ago.

The seasonally adjusted Purchase Index decreased 10.0% from one week earlier. On an unadjusted basis, the Purchase Index increased 12.0% compared with the prior week and was 14.0% higher than the same week one year ago.

In remarks accompanying the release, MBA SVP and Chief Economist Mike Fratantoni said:

“Mortgage rates declined last week as financial markets responded positively to the Middle East ceasefire and the lower trend in oil prices, with the 30-year fixed rate decreasing to 6.35%. Refinance application volume increased by 6%, while purchase application volume increased an even stronger 10% and was up 14% compared to last year’s pace. This increase was led by conventional purchase loans up 11% over the week. Despite the geopolitical uncertainty, housing demand is being supported by a still resilient job market, and homebuyers are experiencing a buyer’s market in most of the country given the higher levels of inventory relative to last year.”