Mortgage refinance demand dropped for the week ending April 8 according to the Mortgage Bankers Association (MBA), while it also expects refinance originations to drop by double digits in 2022.
MBA’s Refinance Index slipped 62 percent for the week when compared to the same week a year back. The index was lower by 5 percent when compared to the previous week.
“Mortgage rates across all loan types continued to move higher, with the 30-year fixed rate exceeding the 5-percent mark at 5.13 percent—the highest since November 2018. Refinance activity as a result declined to the slowest weekly pace since 2019,” Joel Kan, MBA’s associate vice president of Economic and Industry Forecasting, said in an April 13 press release.
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