Mortgage applications in the United States decreased by 2.7% on a seasonally adjusted basis in the week ending April 19, the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey showed on Wednesday.
According to the report, the average 30-year mortgage rate increased to 7.24% from 7.13%. The Refinance Index fell 6% compared to the previous week, while the seasonally adjusted Purchase Index decreased 1% on a weekly basis.
“Purchase applications declined, as home buyers delayed their purchase decisions due to strained affordability and low supply,” MBA Deputy Chief Economist Joel Kan said.