The Mortgage
Bankers Association (MBA) reported on
Wednesday that the mortgage application volume in the U.S. decreased 2.3 per
cent in the week ended April 26, following a 2.3 per cent drop the week before.
According to
the MBA’s data, last week’s fall in mortgage applications reflected a 3.3 per cent plunge in mortgage
refinance applications and
a 1.7 per cent decline in mortgage applications to purchase a home.
The report also
revealed that the average fixed 30-year mortgage rate increased
from 7.24 per cent to 7.29 per cent, the highest level since the week ended November
24, 2023 (7.37 per cent). This was the fourth
straight weekly rise in mortgage interest rates.
Commenting on
the latest survey results, Mike Fratantoni, MBA’s SVP and chief economist, noted that inflation in the U.S. remains stubbornly high, and this trend is
convincing markets that rates, including mortgage rates, will stay
higher for longer.