Overview
- Total applications rose 1.8% for the week ending April 10 as the MBA’s 30-year contract rate slipped to 6.42%.
- Refinance submissions jumped 5% on the week and ran 15% above a year earlier, while purchase applications fell 1% and stayed 3% below last year.
- Rate trackers on Tuesday and Wednesday showed averages in the low-to-mid 6% range, including 6.12% on April 15 from Zillow, with Mortgage News Daily and HousingWire near 6.4% to 6.5%.
- Industry analysts tied the pullback to a temporary Iran ceasefire that eased oil prices and lowered Treasury yields, with traders expecting the Fed to hold rates at its late-April meeting.
- Lock-in remains strong as 50.6% of mortgages carry rates at 4% or lower and the typical monthly payment hit $2,005 in Q4 2025, keeping many owners from listing and limiting choices for buyers.