Inventory
info icon
Single family homes on the market. Updated weekly.Powered by Altos Research
722,032+456
30-yr Fixed Rate30-yr Fixed
info icon
30-Yr. Fixed Conforming. Updated hourly during market hours.
7.00%0.01
MortgageMortgage Rates

Mortgage applications surge to highest level in six weeks: MBA

Follows a drop in mortgage rates

Mortgage applications rose to their highest level in six weeks after the 30-year fixed mortgage rate fell to 7.44% last week.

Total home loan applications increased 3% for the week ending Nov. 17 compared to the previous week, according to data from the Mortgage Bankers Association (MBA).

Mortgage rates for the 30-year fixed loan averaged 7.44%, falling 6 basis points in one week, according to Freddie Mac‘s Primary Mortgage Market Survey. 

On a seasonally adjusted basis, purchase applications rose by nearly 4% over the week, with increases in both conventional and government purchase loan demand.

The average loan size on a purchase application was $403,600, the lowest since January 2023. Joel Kan, MBA’s vice president and deputy chief economist, said this corroborates with other sources of home-sales data pointing to a rising share of first-time homebuyers entering the market.

Meanwhile, refinance applications rose slightly by 1.6% last week but remained subdued. The adjustable-rate mortgage (ARM) share of activity fell to 8.3% of total applications, down from 8.8% the previous week.

The share of Federal Housing Administration (FHA) loan activity increased to 14.8% of all applications, down from 14.4% the week prior. The share of Department of Veterans Affairs (VA) loan activity was 11.3%, up from 11.2% over the previous week, while the share of U.S. Department of Agriculture (USDA) loan activity fell to 0.4% from 0.5% week over week.

Leave a Reply

Your email address will not be published. Required fields are marked *

Most Popular Articles

Latest Articles

Lower mortgage rates attracting more homebuyers 

An often misguided premise I see on social media is that lower mortgage rates are doing nothing for housing demand. That’s ok — very few people are looking at the data without an agenda. However, the point of this tracker is to show you evidence that lower rates have already changed housing data. So, let’s […]

3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please