Mortgage applications dropped 3.7 percent for the week ending April 9, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey released Wednesday.
The Refinance Index decreased 5 percent for the week and was 31 percent lower than the same week one year ago. The unadjusted Purchase Index decreased 1 percent for the week but was 51 percent higher than the same week in 2020.
The refinance share of mortgage activity decreased to 59.2 percent of total applications from 60.3 percent the previous week. The adjustable-rate mortgage share of activity decreased to 3.6 percent of total applications.
“The third straight week of declining purchase activity is a sign that rising home prices and tight supply are constraining home sales – especially in the lower price tiers,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting. “Purchase applications were still above last year’s pandemic-impacted low point, but fell behind the level of activity seen the same week in 2019.”