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.