Easter/Passover likely held down mortgage applications in the April 10 week which saw purchase applications and refinance applications both down 11 percent, at a respective 264.1 and 6,071.7. The purchase index remains depressed but not the refinance index which is very strong reflecting historically low mortgage rates, at 4.70 percent for 30-year fixed loans for a 3 basis point dip in the week. Fifteen year mortgages are at 4.46 percent with one-year adjustables at 6.21 percent. Next data on the housing market will be the housing market index at 1:00 p.m. ET this afternoon and housing starts tomorrow morning.
The Mortgage Bankers' Association compiles various mortgage loan indexes. The purchase applications index measures applications at mortgage lenders. This is a leading indicator for single-family home sales and housing construction.
Why Investors Care