US MBA mortgage applications w.e. 25 April -4.2% vs -12.7% prior

• Prior -12.7%
• Market index 223.7 vs 233.5 prior
• Purchase index 146.6 vs 153.4 prior
• Refinance index 649.0 vs 673.6 prior
• 30-year mortgage rate 6.89% vs 6.90% 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.