Significant Drop in Mortgage Applications

The United States has witnessed a startling weekly decrease of 12.7% in mortgage applications, as reported by the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey ending April 18.

Market Indices Show Downward Trend

From week to week, the Market Index saw a reduction from 267.5 to 233.5. Similarly, the Purchase Index fell from 164.2 to 153.4, and the Refinance Index took a steep dive from 841.9 to 673.6. Notably, the average contract interest rate for 30-year fixed-rate mortgages increased from 6.81% to 6.90%.

Expert Insight on the Decline

"Economic uncertainty and rate volatility continue to deter prospective homebuyers," explained Joel Kan, MBA Deputy Chief Economist, highlighting the ongoing challenges in the housing market.