US Mortgage Applications Leap by 20% in a Week

In a remarkable turn of events, mortgage applications in the United States have seen a significant weekly increase of 20% for the week ending April 5, according to the latest Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey released this Wednesday.

Key Indexes Show Promising Growth

The Market Index witnessed a rise from 243.6 to 292.3, while the Purchase Index climbed from 158.2 to 172.7. Notably, the Refinance Index experienced a substantial surge, jumping from 710.4 to 961.4.

Interest Rates Dip Slightly

Accompanying these figures, the average contract interest rate for 30-year fixed-rate mortgages saw a slight decrease, moving from 6.70% to 6.61%, potentially contributing to the uptick in applications.