Mortgage applications in the United States fell by 8.5% in the week ending April 11 compared to the previous week, the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey showed on Wednesday.
The average contract interest rate for 30-year fixed-rate mortgages rose by 0.2 percentage points to 6.81%. The purchase index was down by 5% to 164.2, while the refinance index dropped 12% to 841.9.
"Economic uncertainty and the volatility in rates is likely to make at least some prospective buyers more hesitant to move forward with a purchase," MBA Chief Economist Mike Fratantoni said. "Purchase volume remains almost 13 percent above last year’s level, but economic uncertainty and the volatility in rates is likely to make at least some prospective buyers more hesitant to move forward with a purchase."
