Mortgage applications fell 8.8%, prompting a pullback in application activity, according to the Mortgage Bankers Association’s latest survey for the week ending April 14.

Home loan application volume declined 8.8% on a seasonally adjusted, week-over-week basis. When unadjusted, application activity was down 8% from the previous week.

“With more first-time homebuyers in the market, we continue to see increased sensitivity to rate changes. The 30-year fixed rate increased 13 basis points to 6.43%, which led to purchase applications declining 10%,” noted Joel Kan, MBA’s vice president and chief economist. “Affordability challenges persist, and there is limited for-sale inventory in many markets across the country, so buyers remain selective on when they act.”