Mortgage applications increased 1.7 percent from one
week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage
Applications Survey for the week ending November 15, 2024.The Market Composite Index, a measure of mortgage loan application volume, increased 1.7 percent on
a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 1
percent compared with the previous week. The Refinance Index increased 2 percent from the previous
week and was 43 percent higher than the same week one year ago. The seasonally adjusted Purchase
Index increased 2 percent from one week earlier. The unadjusted Purchase Index decreased 3 percent
compared with the previous week and was 1 percent lower than the same week one year ago.“Mortgage rates moved higher for the fourth consecutive week, with the 30-year fixed rate increasing to
6.90 percent, its highest level since July 2024. However, even with the uptick in rates, overall mortgage
applications increased,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “The pickup in
purchase applications was driven by conventional and FHA loans, with FHA purchase applications seeing
a 7 percent increase. For-sale inventory has loosened in some markets and some potential buyers have
been able to take advantage of increasing supply and lower FHA rates which were down slightly in
comparison to the conforming 30-year fixed rate. Refinance activity rose slightly last week, driven largely
by a 10 percent increase in VA applications.”
…
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances
($766,550 or less) increased to 6.90 percent from 6.86 percent, with points increasing to 0.70 from 0.60
(including the origination fee) for 80 percent loan-to-value ratio (LTV) loans.
emphasis added
Click on graph for larger image.
The first graph shows the MBA mortgage purchase index.
According to the MBA, purchase activity is down 1% year-over-year unadjusted.
