Mortgage applications continued their steady climb this week, increasing for the fourth-straight week as rates saw their lowest level in a month last week, according to the latest data from the Mortgage Bankers Association (MBA).
Purchase applications increased 2.8% from the previous week’s increase of 6.3%, according to the most recent Weekly Mortgage Applications Survey from MBA for the week ending November 29, 2024. This week’s results include an adjustment for the Thanksgiving holiday.
“Mortgage rates fell to their lowest level in over a month last week, with the 30-year fixed rate decreasing to 6.69%,” said Joel Kan, MBA’s vice president and deputy chief economist. “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.”
According to MBA, 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% compared with the previous week. The Refinance Index decreased 1% from the previous week and was 7% lower than the same week one year ago. The seasonally adjusted Purchase Index increased 6% from one week earlier. The unadjusted Purchase Index decreased 30% compared with the previous week and was 21% lower than the same week one year ago.
The refinance share of mortgage activity decreased to 38.7% of total applications from 38.8% the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 6.0% of total applications.
For the full report, click here.
