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Each day the Research staff takes a look at recently released economic indicators, addressing what these indicators mean for REALTORS® and their clients. Today’s update highlights mortgage purchase applications.
- Mortgage applications rose 5.3 percent for the week ending April 15.
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- Purchase applications advanced 10.0 percent from the prior week. They were 11.4 percent lower compared with a year ago. Meanwhile, the Refinance Index gained 2.7 percent as mortgage rates on a 30-year fixed mortgage declined from 4.98 percent to 4.83 percent during the week.
- The weekly data does not account for the rising number of cash buyers. According to the March REALTORS® Confidence Index, cash buyers accounted for 35 percent of transactions.
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