According to the Mortgage Bankers Association, mortgage applications jumped 20% the first week of April—the highest since September 2024—as falling interest rates sparked renewed activity in the housing market.
Refinance applications led the surge, climbing 35% week-over-week and 93% year-over-year. Purchase applications rose 9% seasonally adjusted and 24% compared to the same week in 2024. The 30-year fixed mortgage rate dropped to 6.61%, its lowest since October, prompting quick action from both buyers and homeowners looking to refinance.
Borrowers with larger loans were particularly responsive to the rate dip, with the average refinance loan size hitting $399,600, the second-highest on record.
Buyers and homeowners are keeping an eye on interest rates and are ready to take action when rates drop.
Source : nationalmortgageprofessional.com