Significant Weekly Decline in Mortgage Applications

The United States witnessed a notable 12.7% decrease in mortgage applications during the week ending April 18, as reported by the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey released on Wednesday.

Key Indexes and Rates Movement

According to the survey, the Market Index fell from 267.5 to 233.5 week-on-week. The Purchase Index saw a drop from 164.2 to 153.4, while the Refinance Index experienced a sharp decline from 841.9 to 673.6. Additionally, the average contract interest rate for 30-year fixed-rate mortgages increased from 6.81% to 6.90%.

Expert Insight on the Trend

"Economic uncertainty and rate volatility continue to deter prospective homebuyers, mirroring the trend observed in the previous week," remarked MBA Deputy Chief Economist Joel Kan.