Weekly Mortgage Applications Survey Reveals Decline

The Mortgage Bankers Association's (MBA) latest survey indicates a 4.2% decrease in mortgage applications across the United States for the week ending April 25. This downturn reflects growing hesitancy among potential homebuyers, influenced by broader economic uncertainties and emerging signs of labor market weakness.

Interest Rates and Points Adjustments

During the same period, the average contract interest rate for 30-year fixed-rate mortgages saw a slight decrease to 6.89%, down from 6.90%. Conversely, points increased to 0.67 from 0.66, including the origination fee for loans with a 20% down payment.

Expert Insights on Market Trends

Joel Kan, MBA’s vice president and deputy chief economist, commented, "Mortgage application activity, particularly for home purchases, continues to be subdued by broader economic uncertainty and signs of labor market weakness, dropping to the slowest pace since February."