22.04.202611:14:21UTC+00Home Purchases Carry US Mortgage Applications

US mortgage applications rose 7.8% in the week ending April 17th, building on a 1.8% gain in the prior week, according to data from the Mortgage Bankers Association. The increase coincided with a 7-basis-point decline in benchmark mortgage rates, reflecting a pullback in long-term Treasury yields as markets reassessed domestic inflation risks amid higher energy prices. Applications to refinance existing mortgages, which tend to be more sensitive to changes in short-term interest rates, climbed 5.8%. Meanwhile, applications for home purchase mortgages surged 10%, rebounding after several weeks of deferred buying activity.