US MBA mortgage applications w.e. 11 April -8.5% vs +20.0% prior

• Prior +20.0%
• Market index 267.5 vs 292.3 prior
• Purchase index 164.2 vs 172.7 prior
• Refinance index 841.9 vs 961.4 prior
• 30-year mortgage rate 6.81% vs 6.61% prior

The spike in the average rate of the most popular US home loan wasn’t as profound to be honest but still enough to put a drag on overall activity. Both purchases and refinancing activities declined, with the latter seeing a drop back after the surge higher in the week before. It will take some time to filter through the noise amid all the volatility in the rates market. So, we’ll see how that feeds through to housing in the months ahead.

This article was written by Justin Low at www.forexlive.com.