US Mortgage Applications Increase in the Week Ending November 29th

According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey for the week ending Friday, November 29th, the Market Composite Index—a measure of mortgage loan application volume—increased 2.8% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 30.0% compared with the previous week. This week’s results include an adjustment for the Thanksgiving holiday.

The Refinance Index declined 1.0% from the previous week and was 7.0% lower than the same week one year ago.

The seasonally adjusted Purchase Index increased 6.0% compared to one week ago. The unadjusted Purchase Index decreased 30.0% compared with the previous week and was 21.0% 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 fell to their lowest level in over a month last week, with the 30-year fixed rate decreasing to 6.69%. The recent strength in purchase activity continues, supported by lower rates and higher inventory levels, which are giving prospective buyers more options compared to earlier in the year. The purchase index increased for the fourth straight week to its highest level since January 2024. Conventional refinance applications declined despite the lower rates, but FHA and VA refinances rebounded from a week ago.”