MBA: Mortgage Applications Decrease in Latest MBA Weekly Survey
From the MBA: Mortgage Applications Decrease in Latest MBA Weekly SurveyMortgage applications decreased 12.7 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 18, 2025. The Market Composite Index, a measure of mortgage loan application volume, decreased 12.7 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 11 percent compared with the previous week. The Refinance Index decreased 20 percent from the previous week and was 43 percent higher than the same week one year ago. The seasonally adjusted Purchase Index decreased 7 percent from one week earlier. The unadjusted Purchase Index decreased 6 percent compared with the previous week and was 6 percent higher than the same week one year ago. “Overall mortgage application activity declined last week, as rates increased to their highest level in two months. The 30-year fixed rate rose for the second straight week to 6.9 percent, an almost 30-basis-point increase over two weeks,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “These higher rates drove a 20 percent drop in refinance applications, especially for higher balance loans, with the average loan size falling substantially. The refinance share of applications at 37.3 percent was the lowest since January. Similar to the previous week, economic uncertainty and rate volatility impacted prospective homebuyers as we saw a 7 percent decline in purchase applications. Both conventional and government purchase activity fell relative to the week before, but the overall level of purchase applications was still 6 percent higher than a year ago.” ... The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($806,500 or less) increased to 6.90 percent from 6.81 percent, with points increasing to 0.66 from 0.62 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. emphasis added Click on graph for larger image. The first graph shows the MBA mortgage purchase index. According to the MBA, purchase activity is up 6% year-over-year unadjusted. Red is a four-week average (blue is weekly). Purchase application activity is up about 22% from the lows in late October 2023 and is 2% above the lowest levels during the housing bust. The second graph shows the refinance index since 1990. The refinance index decreased.
From the MBA: Mortgage Applications Decrease in Latest MBA Weekly SurveyClick on graph for larger image.
The first graph shows the MBA mortgage purchase index.
According to the MBA, purchase activity is up 6% year-over-year unadjusted.
Mortgage applications decreased 12.7 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 18, 2025.
The Market Composite Index, a measure of mortgage loan application volume, decreased 12.7 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 11 percent compared with the previous week. The Refinance Index decreased 20 percent from the previous week and was 43 percent higher than the same week one year ago. The seasonally adjusted Purchase Index decreased 7 percent from one week earlier. The unadjusted Purchase Index decreased 6 percent compared with the previous week and was 6 percent higher than the same week one year ago.
“Overall mortgage application activity declined last week, as rates increased to their highest level in two months. The 30-year fixed rate rose for the second straight week to 6.9 percent, an almost 30-basis-point increase over two weeks,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “These higher rates drove a 20 percent drop in refinance applications, especially for higher balance loans, with the average loan size falling substantially. The refinance share of applications at 37.3 percent was the lowest since January. Similar to the previous week, economic uncertainty and rate volatility impacted prospective homebuyers as we saw a 7 percent decline in purchase applications. Both conventional and government purchase activity fell relative to the week before, but the overall level of purchase applications was still 6 percent higher than a year ago.”
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The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($806,500 or less) increased to 6.90 percent from 6.81 percent, with points increasing to 0.66 from 0.62 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans.
emphasis added
Click on graph for larger image.The first graph shows the MBA mortgage purchase index.
According to the MBA, purchase activity is up 6% year-over-year unadjusted.
Red is a four-week average (blue is weekly).
Purchase application activity is up about 22% from the lows in late October 2023 and is 2% above the lowest levels during the housing bust.
The second graph shows the refinance index since 1990.
The refinance index decreased.
