Mortgage Applications Increase in the Week Ending November 15th

According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Friday, November 15th, the Market Composite Index—a measure of mortgage loan application volume—increased 1.7% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index declined 1.0% compared with the previous week.

The Refinance Index increased 2.0% from the previous week and was 43.0% higher than the same week one year ago.

The seasonally adjusted Purchase Index increased 2.0% compared to one week ago. The unadjusted Purchase Index decreased 3.0% compared with the previous week and was 1.0% lower than the same week one year ago.

Commenting on the results of this week’s survey, MBA Vice President and Deputy Chief Economist Joel Kan said:

“Mortgage rates moved higher for the fourth consecutive week, with the 30-year fixed rate increasing to 6.90%, its highest level since July 2024. However, even with the uptick in rates, overall mortgage applications increased. The pickup in purchase applications was driven by conventional and FHA loans, with FHA purchase applications seeing a 7% increase. For-sale inventory has loosened in some markets and some potential buyers have been able to take advantage of increasing supply and lower FHA rates, which were down slightly in comparison to the conforming 30-year fixed rate. Refinance activity rose slightly last week, driven largely by a 10% increase in VA applications.”