Mortgage applications in the United States increased by 3.3% in the week ending April 12, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey published on Wednesday.

According to the report, the average contract interest rate for 30-year fixed-rate mortgages jumped to 7.13% from last week’s 7.01%, reaching the highest level since December 2023. Meanwhile, the Refinance Index advanced 0.5% compared to the previous week, while the seasonally adjusted Purchase Index climbed by 5% on a weekly basis.

“Despite these higher rates, application activity picked up, possibly as some borrowers decided to act in case rates continue to rise. Purchase applications drove most of the increase, but remain at low levels of around 10 percent behind last year’s pace,” MBA’s Vice President and Deputy Chief Economist Joel Kan commented.