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FINWIRES

MBA US Mortgage Applications Fall in Week Ended April 24; Mortgage Rates Slightly Higher

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-- Mortgage applications fell by 1.6% in the week ended April 24 after a 7.9% gain in the previous week, with average 30-year fixed mortgage rates slightly higher, according to Mortgage Bankers Association data released Wednesday.

Applications for refinancing loans fell by 4%, while new purchase applications rose by a seasonally adjusted 1%.

The average contract interest rate for 30-year fixed mortgages with loan balances of $832,750 or less rose to 6.37% from 6.35% in the previous week.

"After a brief pause, in part because of the elevated geopolitical uncertainties, potential homebuyers certainly appear to be moving forward this spring and taking advantage of the more favorable inventory conditions in most parts of the country," said Mike Fratantoni, MBA's senior vice president and chief economist.

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