US Mortgage Applications Increase in the Week Ending November 7

According to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Friday, November 7, the Market Composite Index—a measure of mortgage loan application volume—increased 0.6% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 1%.

The Refinance Index decreased 3% from the previous week but was 147% higher than the same week one year ago.

The seasonally adjusted Purchase Index increased 6% from one week earlier. On an unadjusted basis, the Purchase Index increased 3% compared with the prior week and was 31% higher than the same week one year ago.

In remarks accompanying the release, MBA Vice President and Deputy Chief Economist Joel Kan said:

“Purchase applications picked up almost 6% over the week to the strongest pace since September, despite mortgage rates increasing slightly, with the 30-year fixed rate rising to 6.34%. Purchase applications for conventional, FHA, and VA loans increased, as potential homebuyers continue to shop around, particularly in markets where inventory has increased and sales price growth has slowed. Based on the unadjusted purchase index for the week, this was the strongest start to November since 2022.

Higher mortgage rates did quell some refinance activity, as conventional and VA refinance applications declined over the week, and the average loan size for refinances dropped to its lowest level in over a month.”