Mortgage application activity fell 11.1% overall in response to the recent sharp increase in mortgage rates that brought the 30-year fixed rate to 6.03% from 5.88%. The Mortgage Bankers Association reported that the Refinance Index dropped 16.7% to 1905.2 for the week ending April 25.
In the past two reports, the index has plummeted 34%. The Index stands at its lowest level since the last week of December when it slowed to 1621 as a result of the holidays. A year ago the Refinance Index stood at 2016 with the 30-year fixed mortgage rate averaging 6.16%.