Mortgage Applications Increase Amid Positive Economic News

Mortgage applications increased 2.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending November 10, 2023. The Refinance Index increased 2 percent from the previous week and was 7 percent higher than the same week one year ago. 

“Although Treasury rates dipped midweek, mortgage rates were little changed on average through the week. The 30-year fixed mortgage rate remained at 7.61 percent, about 30 basis points lower than three weeks ago,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “Both purchase and refinance applications increased to the highest weekly pace in five weeks but remain at very low levels. Despite the recent downward trend, mortgage rates at current levels are still challenging for many prospective homebuyers and current homeowners.” 

At the same time, rates had their biggest one-day drop in nearly four years this Tuesday following an encouraging inflation report. Mortgage rates fell by 20 basis points after the Bureau of Labor Statistics reported that the all-items Consumer Price Index fell to 3.2 percent in October, down from 3.7 percent in September.