The Mortgage Bankers Association (MBA) informed on Wednesday that the
mortgage application volume in the U.S. jumped 3.7 percent in the week ended April
21, following an 8.8 percent tumble the week before.
According to the MBA’s data, last week’s rise in mortgage applications reflected a 4.6 percent climb in mortgage
applications to purchase a home and a 1.7 percent gain in mortgage refinance
The report also revealed that the average fixed 30-year mortgage rate increased from 6.43
percent to 6.55 percent, its highest level in six weeks.
Commenting on the latest survey results, Joel Kan, MBA's vice president
and deputy chief economist, noted that last week’s rise in mortgage rates was
due to an increase in Treasury yields in response to lingering markets’ expectations
that the Fed would raise short-term rates at its next meeting.