MBA: New Applications on the Decline Again, But…

Mortgage applications fell by almost 4% for the seven-day period ending April 20 after a brief week of improvement, according to new figures compiled by the Mortgage Bankers Association.

On a seasonally adjusted basis, new business declined 3.8% from the week prior.

Although business fell sequentially, the four-week moving average (seasonally adjusted) is up 1.23%.

The refinance share of the business fell to 73.4% of all new applications from 75.2% the week before.

The rate charged for a 30-year conventional loan was just about unchanged at 4.05%. The FHA rate for 30-year FRMs declined slightly to 3.81%.

The MBA tracks new business through its market composite index. The trade group estimates that its survey covers roughly 75% of all retail mortgage applications.