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Home/Real Estate/MORTGAGE APPLICATION VOLUME

Mortgage applications drop 7% as housing market awaits inflation data

LM

Leona Mercer

mortgage application volume · Apr 10, 2026

Mortgage applications drop 7% as housing market awaits inflation data

Source: The Digital Ledger Data Terminal

Purchase applications for the week ending April 3 are 7% lower than a year ago. This is the first year-over-year decline since January 2025, according to the Mortgage Bankers Association.

Related Brief8h ago
mortgage rates

Middle East Ceasefire Cuts Monthly Mortgage Payments by $120

A borrower with a $400,000 loan saves $120 a month on a current 30-year fixed mortgage. This decline follows five straight increases that had pushed rates to their highest level in nearly seven months. The average 30-year fixed mortgage rate dropped to 6.37% from 6.46%, according to Freddie Mac. These shifts were driven by an easing in bond yields. The 10-year U.S. Treasury yield dropped to 4.23% from 4.3% a week ago. Bond yields eased after the U.S. and Iran agreed to a two-week ceasefire. West Texas Intermediate crude oil prices plunged 18% to $92 a barrel on the news, while Brent crude oil prices fell from a late March peak of $115.85 a barrel to around $90 a barrel.

This softening demand follows a period of mortgage cost easing after a March spike. A fragile U.S.-Iran ceasefire and declining unemployment reports have helped calm markets, bringing the average 30-year mortgage rate to 6.25% and the average 30-year refinance rate to 6.67% as of April 8, 2026.

Related Brief2d ago
financial markets

Stocks surge as Iran ceasefire eases oil and rate fears

US mortgage applications declined even as borrowing costs eased, because falling oil prices shifted the inflation calculus just enough to alter the rate outlook. West Texas Intermediate crude plunged 16.41% to $94.41 a barrel after Donald Trump announced a two-week ceasefire with Iran, contingent on Tehran reopening the Strait of Hormuz. Iran’s Supreme National Security Council agreed to reopen the waterway for two weeks if all attacks ceased, pausing a five-week conflict that had disrupted a key global energy corridor. The drop in oil prices reduced immediate inflation risks, countering recent Federal Reserve concerns that Middle East tensions and higher energy costs could force further rate hikes. Minutes from the FOMC’s latest meeting showed members viewed inflation risks as "more skewed to the upside," but with oil retreating, expectations of additional tightening faded. Longer-dated Treasury yields eased, pulling mortgage rates down from their seven-month high—yet applications slipped 0.8% for the week ended 3 April. Refinance demand fell 3%, while purchase applications rose 1% week-over-week but remained 7% below last year, marking the first annual decline since January 2025. Investors priced in a less hawkish Fed, sending the Dow Jones Industrial Average up 2.85% to 47,909.92, the S&P 500 gaining 2.51% to 6,782.81, and the Nasdaq Composite rising 2.80% to 22,635.00.

mortgage application volume

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