Mortgage Applications Increase in the Week Ending November 22nd—Third Straight Increase

According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Friday, November 22nd, the Market Composite Index—a measure of mortgage loan application volume—increased 6.3% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 3.0% compared with the previous week.

The Refinance Index declined 3.0% from the previous week but was 119.0% higher than the same week one year ago.

The seasonally adjusted Purchase Index increased 12.0% compared to one week ago. The unadjusted Purchase Index increased 7.0% compared with the previous week and was 52.0% higher 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:

“Purchase activity drove overall applications higher last week, as conventional purchase applications picked up pace and mortgage rates declined for the first time in over two months, with the 30-year fixed rate dropping slightly to 6.86%. With the growth in for-sale inventory and signs that the economy remains strong, buyers have remained in the market even though rates have increased recently. The increase in conventional purchase applications helped push the average purchase loan size to $439,200, its highest level in almost a month. The decline in refinance activity was driven by pullbacks in FHA and VA refinances. Applications were significantly higher than a year ago by most measures, but this was compared to the week of Thanksgiving 2023, which was a week earlier than this year’s holiday.”