MBA Career: Weekly Survey Shows Decrease in Mortgage Applications

Last Updated on April 24, 2024 by Robert C. Hoopes

In the latest MBA Weekly Survey, the Mortgage Bankers Association reported a 2.7% decrease in mortgage applications. This decrease was reflected in the Market Composite Index, which also decreased by 2.7% on a seasonally adjusted basis.

Specifically, the Refinance Index saw a 6% decrease from the previous week, while the Purchase Index decreased by 1% on a seasonally adjusted basis. The average contract interest rate for 30-year fixed-rate mortgages also saw an increase to 7.24%.

Despite these decreases, there was a slight uptick in purchase application activity from the lows seen in late October 2023. However, the Refinance Index has remained mostly flat since a decline in 2022. Additionally, purchase activity is down 15% year-over-year, unadjusted.

These latest figures indicate a mixed picture for the mortgage market, with some sectors showing a slight improvement while others continue to lag behind. Homebuyers and homeowners looking to refinance will need to carefully consider these trends when making decisions about their mortgage applications. Stay tuned for more updates on the latest developments in the MBA Weekly Survey.