US MBA mortgage applications w.e. 12 April -3.5% vs -5.6% prior

Latest data from the Mortgage Bankers Association for the week ending 12 April 2019

  • Prior -5.6%
  • Purchase index 280.7 vs 278.1 prior
  • Market index 459.0 vs 475.6 prior
  • Refinancing index 1,453.0 vs 1,582.6 prior
  • 30-year mortgage rate 4.44% vs 4.40% prior

Headline measures the change in number of applications for mortgages backed by the MBA during the week. Despite the drop in mortgage activity, the home-purchase loan applications index rose by 0.9% to 280.7 – the highest level since April 2010.

That’s arguably the only positive from the report here as the Fed’s recent pause in tightening monetary policy is at least helping the housing market a little.

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