Mortgage applications increased 2.5% from last week, MBA says

Mortgage applications increased 2.5% from one week earlier, according to data from the Mortgage Bankers Association’s or MBA Weekly Mortgage Applications Survey for the week ending November 3. The Market Composite Index, a measure of mortgage loan application volume, increased 2.5% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 1% compared with the previous week. The Refinance Index increased 2% from the previous week and was 7% lower than the same week one year ago. The seasonally adjusted Purchase Index increased 3% from one week earlier. The unadjusted Purchase Index increased 1% compared with the previous week and was 20% lower than the same week one year ago. “The 30-year fixed mortgage rate dropped by 25 basis points to 7.61% , the largest single-week decline since July 2022,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “Last week’s decrease in rates was driven by the U.S. Treasury’s issuance update, the Fed striking a dovish tone in the November FOMC statement, and data indicating a slower job market. Applications for both purchase and refinance loans were up over the week but remained at low levels. The purchase index is still more than 20 percent behind last year’s pace, as many homebuyers remain on the sidelines until more for-sale inventory becomes available.” Companies in the space include: Invesco (IVR) Rocket Companies (RKT), LendingTree (TREE), Discover (DFS Wells Fargo (WFC), Zillow (Z), Lennar (LEN) and Redfin (RDFN) .