The Mortgage
Bankers Association (MBA) said on
Wednesday that the mortgage application volume in the U.S. tumbled 12.7 per
cent in the week ending April 11, following an 8.5 per cent drop in the week before. This marked the sharpest weekly decline in
total mortgage application volume since mid-October 2024.
According to
the MBA’s data, last week’s plunge in mortgage applications reflected
a 20.0 per cent plummet in mortgage refinance applications and a 6.6 per cent fall in
mortgage applications to purchase a home.
The report also
unveiled that the average fixed 30-year mortgage increased from 6.81 per cent
to 6.90 per cent, the highest level since mid-February.
Commenting on
the latest survey results, Joel Kan, MBA’s vice president and deputy chief
economist, noted that, similar to the previous week, economic uncertainty and
rate volatility impacted prospective homebuyers.