housing

Mortgage Applications Jump 6.2% in a Week, Sharpest Gain Since June, as Purchase Demand Rebounds

Published November 11, 20264 min read

A key rests in the front-door lock of a modest suburban house in late-afternoon light. — A front-door key evokes the return of some homebuyers as mortgage rates ease, even as payments remain high. Illustration: MarketIntelLabs

The Mortgage Bankers Association weekly survey, released Wednesday morning, put mortgage applications up 6.2% in the week ending November 6, the sharpest weekly gain since June. The jump was led by purchase demand: applications for loans to buy a home rose 7.5% on the week, while refinance applications, the most rate-sensitive slice of the market, climbed 4.5%.

Key Takeaways The MBA Market Index rose 6.2% in the week ending November 6, the strongest weekly gain since June, driven by a 7.5% jump in purchase applications. The 30-year fixed rate on conforming loans eased to 7.21% in the MBA survey, down from 7.30% the prior week and from 7.32% in late October. Purchase applications hit an index…

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