The average 30-year fixed-rate mortgage rate rose by 2 basis points to 6.37% for the week ended April 24, according to the Mortgage Bankers Association (MBA). Mortgage applications dropped by 1.6% from the previous week, largely due to a 4% decline in refinancing. However, purchase applications increased by 2%, indicating potential homebuyers are taking advantage of favorable inventory conditions. Despite this, borrowing costs are still more than a quarter of a percentage point higher than they had been before the start of the U.S.-Israeli war.