Significant Decline in US Mortgage Applications

In a recent development, the United States has seen a dramatic weekly decrease of 12.7% in mortgage applications, as reported by the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey. This notable drop was recorded in the seven days ending April 18.

Key Indexes and Rates

The Market Index fell from 267.5 to 233.5, while the Purchase Index saw a decline from 164.2 to 153.4. More strikingly, the Refinance Index took a steep plunge from 841.9 to 673.6. Accompanying these drops, the average contract interest rate for 30-year fixed-rate mortgages increased from 6.81% to 6.90%.

Expert Insight

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