Inman Connect
Mortgage applications dropped for the week ending April 2, 2021 as mortgage interest rates continue to rise from last year’s record lows, according to the Weekly Mortgage Applications Survey from the Mortgage Bankers Association.
Mortgage apps decreased 5.1 percent on a seasonally adjusted basis from the previous week. On an unadjusted basis, the Index decreased 5 percent compared with the previous week.
“Mortgage rates resumed their upward move last week, with the 30-year fixed rate at 3.36 percent,” said Joel Kan, MBA associate vice president of economic and industry forecasting. “The return of rates to the highest level since last June contributed to a slowdown in applications for both purchases and refinances.”
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