U.S. weekly mortgage applications climb 7.3 percent

The Mortgage Bankers Association (MBA) reported on Wednesday the mortgage application volume in the U.S. surged 7.3 percent in the week ended April 10, following a 17.9 percent plunge in the previous week.

According to the report, refinance applications jumped 10.1 percent, while applications to purchase a home decreased 1.8 percent.

Meanwhile, the average fixed 30-year mortgage rate fell to 3.45 percent from 3.49 percent. That was the lowest level in the MBA's survey.

"The decline in rates - despite Treasury yields rising - is a sign that the mortgage-backed securities market is stabilizing and lenders are successfully working through their lending pipelines," noted Joel Kan, an MBA economist. "The purchase market is still expected to rebound, as long as the public health measures to reduce the pandemic's spread are successful and result in a broader recovery," Kan added.