U.S. Mortgage Applications Up 1.8% in the April 10 Week, First Gain in Five Weeks
Summary
- Purchase applications -1.0% w/w, third decline in four weeks; refinancing loan applications +5.1% w/w, first rise since the March 6 week.
- Effective interest rate on 30-year fixed loans down 8bps to 6.60%, a four-week low.
- Average loan size up to the highest level since the March 13 week.
Mortgage applications rebounded 1.8% w/w (5.0% y/y) in the week ending April 10 following a 0.8% decline in the week ending April 3, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey. The latest reading was the first w/w increase in five weeks, lifting the index to 281.0, its highest level since the March 20 week. Applications for loans to purchase a house fell 1.0% (-2.9% y/y) in the April 10 week, the third w/w fall in four weeks, after a 1.1% gain in the previous week. Applications for loan refinancing rose 5.1% (14.8% y/y) in the April 10 week, the first w/w rise since the March 6 week, reversing a 2.8% drop in the April 3 week.
The effective interest rate on a 30-year fixed-rate loan fell 8bps to 6.60% in the week ending April 10, the lowest since the March 13 week, from 6.68% in the week ending April 3; it was above a low of 6.29% in the week of September 20, 2024 but below a peak of 8.12% in the week of October 20, 2023. The rate on 15-year fixed-rate mortgages declined 5bps to a three-week-low 6.04% in the April 10 week from 6.09% in the previous week; it was up from a low of 5.60% in the week of September 20, 2024 but down from a high of 7.44% in the week of October 27, 2023. The rate on 30-year jumbo loans eased 4bps to 6.61% in the April 10 week, the lowest since the March 20 week, from 6.65% in the prior week; it was above a low of 6.57% in the week of September 13, 2024 but below a high of 7.99% in the week of October 27, 2023. The rate on a 5-year ARM fell 5bps to 5.80% in the April 10 week, the lowest since the March 6 week, from 5.85% in the previous week; it was above its most recent low of 5.38% in the February 20 week but below a high of 7.31% in the week of October 27, 2023.
The share of applications for refinancing an existing loan rebounded to 45.5% of total applications in the week ending April 10, the first w/w increase since the February 27 week, from 44.3% in the week ending April 3; those numbers remained below a peak of 61.9% in the January 16 week. The adjustable-rate mortgage (ARM) share of activity slipped to 8.4% in the April 10 week from 8.6% in the prior week; it was below a peak of 12.9% in the week of September 12, 2025 but above a low of 4.7% in the week of January 3, 2025.
The average size of a mortgage loan climbed 1.3% w/w (-4.8% y/y) to $395,000 in the April 10 week, the highest level since the March 13 week, after a 0.2% increase to $390,100 in the April 3 week. The average size of a purchase loan recovered 1.8% (2.4% y/y) to $456,100 in the April 10 week after a 0.3% decline to $448,100 in the prior week, marking the first w/w rise in four weeks and the highest level since the week of March 7, 2025. The average size of a loan to refinance a mortgage rose 1.5% (-13.6% y/y) to $321,800 in the April 10 week, the highest level in three weeks, following a 0.1% uptick to $317,000 in the previous week.
The Mortgage Bankers Association Survey covers 75% of all U.S. retail residential mortgage applications and has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks and thrifts. The base period and value for all indexes is March 16, 1990=100. The figures for weekly mortgage applications and interest rates are available in Haver’s SURVEYS database.
Winnie Tapasanun
AuthorMore in Author Profile »Winnie Tapasanun has been working for Haver Analytics since 2013. She has 20+ years of working in the financial services industry. As Vice President and Economic Analyst at Globicus International, Inc., a New York-based company specializing in macroeconomics and financial markets, Winnie oversaw the company’s business operations, managed financial and economic data, and wrote daily reports on macroeconomics and financial markets. Prior to working at Globicus, she was Investment Promotion Officer at the New York Office of the Thailand Board of Investment (BOI) where she wrote monthly reports on the U.S. economic outlook, wrote reports on the outlook of key U.S. industries, and assisted investors on doing business and investment in Thailand. Prior to joining the BOI, she was Adjunct Professor teaching International Political Economy/International Relations at the City College of New York. Prior to her teaching experience at the CCNY, Winnie successfully completed internships at the United Nations. Winnie holds an MA Degree from Long Island University, New York. She also did graduate studies at Columbia University in the City of New York and doctoral requirements at the Graduate Center of the City University of New York. Her areas of specialization are international political economy, macroeconomics, financial markets, political economy, international relations, and business development/business strategy. Her regional specialization includes, but not limited to, Southeast Asia and East Asia. Winnie is bilingual in English and Thai with competency in French. She loves to travel (~30 countries) to better understand each country’s unique economy, fascinating culture and people as well as the global economy as a whole.
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