Mortgage Applications Increased 5.5% in the Week Ending November 5, 2021

According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS) for the week ending November 5, 2021, the Market Composite Index, a measure of mortgage loan application volume, increased 5.5 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 5% compared with the previous week.

The Refinance Index increased 7% from the previous week but was -28% percent lower than the same week one year ago.

The seasonally adjusted Purchase Index increased 3% from one week earlier. The unadjusted Purchase Index increased 0.1% compared with the previous week but was -4% lower than the same week one year ago.

In a statement prepared for this week’s survey, Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting said, “Mortgage rates moved lower for the second week in a row for all loan types. The 30-year fixed rate decreased to 3.16 percent and has declined 14 basis points over the past two weeks. Although overall activity remains close to January 2020 lows, homeowners acted on the decrease in rates. Refinance activity was up 7 percent overall, with gains in both conventional and government refinances. Additionally, the average loan balance for a refinance application was the highest in a month. Purchase applications were also strong last week, increasing just under 3 percent and down only 4 percent from last year’s pace. The dip in rates might have helped to bring some buyers back into the market, but housing inventory is still extremely low and price growth remains elevated.”