Mortgage application volume decreased 2.7% during the week ended April 19, as the average rate for a 30-year fixed-rate mortgage increased to 7.24%, up from 7.13% the previous week, according to the Mortgage Bankers Association’s (MBA) Weekly Applications Survey.
Applications for refinances decreased 6% compared with the previous week but were up 3% compared with the same week one year ago.
Applications for purchases decreased 1% compared with the previous week and were down 15% compared with the same week one year ago.
“Mortgage rates continued to move higher last week, reaching their highest levels since late 2023 and putting a damper on applications activity,” says Joel Kan, vice president and deputy chief economist for the MBA, in a statement. “The 30-year fixed rate increased for the third consecutive week to 7.24 percent, 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 percent, consistent with the upward trend in rates, as buyers look to reduce their potential monthly payments.”
The refinance share of mortgage activity decreased to 30.8% of total applications, down from 32.1% the previous week.
The adjustable-rate mortgage (ARM) share of activity increased to 7.6% of total applications.
Photo: Gabrielle Henderson