Mortgage
demand
dipped
last
week
as
mortgage
rates
reached
their
highest
levels
since
late
2023.

Applications
decreased
by
2.7%
on
a
seasonally
adjusted
basis
during
the
week
ending
April
19,
according
to
the


Mortgage
Bankers
Association’s
(MBA)
weekly
mortgage
applications
survey. 

“Mortgage
rates
continued
to
move
higher
last
week,
reaching
their
highest
levels
since
late
2023
and
putting
a
damper
on
applications
activity.
The
30-year
fixed
rate
increased
for
the
third
consecutive
week
to
7.24%,
the
highest
since
November
2023,”
Joel
Kan,
MBA’s
vice
president
and
deputy
chief
economist,
said
in
a
statement. 

“Purchase
applications
declined,
as
home
buyers
delayed
their
purchase
decisions
due
to
strained
affordability
and
low
supply.
The
ARM
share
of
applications
increased
to
7.6%,
consistent
with
the
upward
trend
in
rates,
as
buyers
look
to
reduce
their
potential
monthly
payments.”

​​Purchase
loan
application
volume
fell
by
1%
from
one
week
earlier,
while

refinance
volume
dropped 
by
6%
from
the
prior
week.
The
refinance
share
of
mortgage
activity
decreased
to
30.8%
of
total
applications,
down
from
32.1%
the
previous
week.

The
MBA
survey
showed
that
the
average

mortgage
rate
for
30-year
fixed
loans
with
conforming
balances
($766,550
or
less)
increased
to
7.24%,
up
from
7.13%
last
week.
Meanwhile,
rates
on

jumbo
loans
(balances
greater
than
$766,550)
also
increased
week
over
week
to
7.45%,
up
from
7.40%. 

On
Wednesday,


HousingWire’s
Mortgage
Rates
Center
showed
the
average
30-year
fixed
rate
for
conventional
loans
at
7.52%,
up
from
7.29%
one
week
earlier.

Related