According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates moved higher last week. Rates were up for 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. But while rates increased, so did demand for applications for loans to buy homes. Joel Kan, MBA’s vice president and deputy chief economist, says November is off to its strongest start in years. “Purchase applications picked up almost 6 percent over the week to the strongest pace since September, despite mortgage rates increasing slightly …” Kan said. “Purchase applications for conventional, FHA, and VA loans increased, as potential home buyers 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.” The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. (source)
