According to data from the Mortgage Bankers Association (MBA), mortgage applications in the United States increased by 2.5% in the week ending on November 3 compared to the previous week. During this period, applications for home purchases increased by 3% compared to the previous week, and refinance applications increased by 2%.
Furthermore, the average interest rate for a 30-year fixed-rate mortgage in the country decreased from 7.86% to 7.61%, marking the lowest level since the end of September. Similarly, the average interest rate for a 15-year fixed-rate mortgage dropped from 7.14% to 6.98%.
MBA Vice President Joel Kan noted that the 30-year mortgage rate saw its largest weekly decline since July 2022. He attributed this decline to the U.S. Treasury Department updating its bond issuance calendar, the Federal Reserve adopting a “dovish” tone in its monetary policy decisions announced last week, and data indicating a slowdown in the job market.
Kan also pointed out that while purchase and refinance applications increased throughout the week, they remained at relatively low levels, with the purchase index still trailing last year’s pace by 20%. These figures indicate that mortgage interest rates and economic conditions continue to influence the housing market.
