US MBA mortgage applications w.e. 18 April -12.7% vs -8.5% prior

• Prior -8.5%
• Market index 233.5 vs 267.5 prior
• Purchase index 153.4 vs 164.2 prior
• Refinance index 673.6 vs 841.9 prior
• 30-year mortgage rate 6.90% vs 6.81% prior

This is never a market moving release. Of course, as long term interest rates rise, mortgage applications fall. The mortgage market index and the US30Y yield are inversely correlated.

This article was written by Giuseppe Dellamotta at www.forexlive.com.