The Mortgage Bankers Association (MBA) announced on Wednesday that the
mortgage application volume in the U.S. jumped 5.3 percent in the week ended April
7, following a 4.1 percent fall the week before.
According to the MBA’s data, last week’s climb in mortgage applications
was primarily driven by a 7.8 percent surge in mortgage applications to
purchase a home. In addition, mortgage refinance applications edged up 0.1
percent.
The report also revealed that the average fixed 30-year mortgage rate declined from 6.40 percent
to 6.30 percent, its lowest level since the week ended February 3 (6.18 percent).
Commenting on the latest survey results, Mike Fratantoni, MBA’s senior vice
president and chief economist, noted that the incoming data last week indicated
that the job market is beginning to slow. “Prospective homebuyers this year
have been quite sensitive to any drop in mortgage rates, and that played out
last week with purchase applications increasing by 8 percent,” he added.