Mortgage Bankers Association (MBA) reported on Wednesday the mortgage
application volume in the U.S. dropped 2.5 percent in the week ended April 23,
following an 8.6 percent surge in the previous week. According
to the report, applications to purchase a home plunged 4.8 percent, while refinance
applications decreased 1.1 percent.
the average fixed 30-year mortgage rate decreased from 3.20 percent to 3.17 percent,
the lowest level since the end of February.
with a few weeks of lower rates, most borrowers have likely already refinanced,
which is why activity has decreased in seven of the last eight weeks,” noted
Joel Kan, MBA’s associate vice president of economic and industry forecasting.