The Mortgage Bankers Association (MBA) reported on Wednesday that the
mortgage application volume in the U.S. plummeted 8.8 percent in the week ended
April 14, following a 5.3 percent climb the week before. This was the steepest weekly drop in mortgage applications
since the week ended February 17 (-13.3 percent).
According to the MBA’s data, last week’s plunge in mortgage applications
reflected a 10.0 percent tumble in mortgage
applications to purchase a home and a 5.8 percent decline in mortgage refinance
The report also revealed that the average fixed 30-year mortgage rate jumped from 6.30
percent to 6.43 percent, recording its first increase in six weeks.
Commenting on the latest survey results, Joel Kan, MBA's vice president
and deputy chief economist, said that last week’s rise in mortgage rates
prompted a pullback in application activity. “With more first-time homebuyers
in the market, we continue to see increased sensitivity to rate changes,” he