Overview
- MBA data released Wednesday showed the average U.S. 30-year fixed rate at 6.37% for the week ended April 24, with total mortgage applications down 1.6% as refinancing fell 4%.
- Purchase applications rose 1% on the week and 21% from a year ago, and MBA’s Mike Fratantoni said more buyers are stepping in as spring listings improve.
- In the UK, major banks including Santander, HSBC UK, Barclays, Lloyds and NatWest trimmed select fixed deals in late April, with Santander cutting up to 0.25 percentage points on some products.
- Despite these tweaks, Moneyfacts reported the biggest monthly jump in its average mortgage rate since July 2023, up 0.82% between March 1 and April 1, leaving many borrowers facing higher costs.
- Mortgage pricing tracks swap rates in the UK and the 10-year U.S. Treasury yield, which move with oil prices and ceasefire headlines from the Iran war, and a Fed hold expected today could still sway near-term rates through its guidance.