MBA Mortgage Applications Snap Five-Week Spell of Gains in Week Ending April 10

(CEP News) - Weekly mortgage applications in the United States ended their five-week winning streak in the reference week April 10, according to data released from the Mortgage Bankers’ Association (MBA) on Wednesday. The MBA reported an 11.0% week-over-week decrease in applications.

In the previous week, applications increased by 4.7%.

The portion of fixed-rate mortgages fell 10.9%, after rising 4.7% previously, while those opting for variable rates declined 14.8% after the previous week’s 6.6% increase.

Compared to last year, the market composite index rose 45.6%.

The average loan size was $224.8k, compared to the previous week’s $229.3k.

The average interest rate for a 30-year fixed-rate mortgage moved down to 4.70% from 4.73%.

By Erik Kevin Franco, efranco@economicnews.ca; edited by Nick Say, nsay@economicnews.ca

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Posted in Categories: Economy, Housing, Releases, USA.

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