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FINWIRES

MBA US Mortgage Applications Rise Further in Week Ended April 17 on Decline in Mortgage Rates

-- Mortgage applications rose by 7.9% in the week ended April 17 on solid gains in both refinancing activity and new home applications as 30-year fixed mortgage rates declined, according to Mortgage Bankers Association data released Wednesday.

This follows a 1.8% increase in overall activity in the week ended April 10.

Applications for refinancing loans rose by 6%, while new purchase applications increased by a seasonally adjusted 10%.

The average contract interest rate for 30-year fixed mortgages with loan balances of $832,750 or less fell to 6.35% from 6.42% in the previous week due to positive reaction to the Middle East ceasefire.

"Despite the geopolitical uncertainty, housing demand is being supported by a still resilient job market, and homebuyers are experiencing a buyer's market in most of the country given the higher levels of inventory relative to last year," said Mike Fratantoni, MBA's senior vice president and chief economist.

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