Mortgage software exercise decreased month-over-month because the 30-year mounted mortgage price rose. The Mortgage Bankers Affiliation’s (MBA) Market Composite Index, a measure of whole mortgage software quantity, declined 12.4% month-over-month in April on a seasonally adjusted foundation. Nonetheless, general exercise remained 14.2% increased than a yr earlier. Purposes for adjustable-rate mortgages (ARM) additionally fell 12.4% month-over-month, whereas the ARM share of whole purposes was unchanged at 8.3%.
The typical contract price for a 30-year fixed-rate mortgage elevated 4 foundation factors (bps) to six.41% because the battle in Iran pushed yields increased. Nonetheless, the speed remained 39 bps decrease than its stage a yr in the past. Refinance purposes fell sharply by 23.5% from March, whereas buy purposes held regular. Relative to April 2025, refinance and buy actions have been up 24.5% and 5.7%, respectively.
By mortgage sort, purposes for each adjustable-rate mortgages (ARMs) and fixed-rate mortgages (FRMs) decreased roughly 12.4% month-over-month. On a year-over-year foundation, FRM purposes have been up 13.9%, whereas ARM purposes rose 13.2%. As of April 2026, ARMs purposes, together with each buy and refinance loans, accounted for 8.3% of whole purposes on a non-seasonally adjusted foundation, unchanged from the prior month and a yr earlier. The typical contract rate of interest for five/1 ARMs was 5.6% in April.
Mortgage sizes declined throughout all classes besides buy loans in April, edging the general common mortgage measurement down 0.9% to $397,800. The typical buy mortgage measurement elevated marginally by 0.9% to $454,800, whereas the typical refinance mortgage measurement fell 7.1% to $326,000. The typical ARM mortgage measurement declined 1.1% to $919,500.
