Mortgage applications in the United States grew by 0.1% in the week ending April 5, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey published on Wednesday.
The 30-year mortgage rate stood at 7.01% in the same period, compared to 6.91% the previous week. The Refinance Index increased by 9.9% to 498.3, while the Purchase Index dropped 4.7% and landed at 138.7.
“Mortgage rates moved higher last week as several Federal Reserve officials reiterated a patient posture on rate cuts. Inflation remains stubbornly above the Fed’s target, and the broader economy continues to show resiliency. Unexpectedly strong employment data released last week further added to the upward pressure on rates,” MBA Vice President Joel Kan said.