Mortgage Applications Increase in Latest MBA Weekly Survey

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Mortgage applications increased 1.7% from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Nov. 15, 2024. 

The Market Composite Index, a measure of mortgage loan application volume, increased 1.7% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 1% compared with the previous week. The Refinance Index increased 2% from the previous week and was 43% higher than the same week one year ago. The seasonally adjusted Purchase Index increased 2% from one week earlier. The unadjusted Purchase Index decreased 3% compared with the previous week and was 1% lower than the same week one year ago.

“Mortgage rates moved higher for the fourth consecutive week, with the 30-year fixed rate increasing to 6.9%, its highest level since July 2024. However, even with the uptick in rates, overall mortgage applications increased,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “The pickup in purchase applications was driven by conventional and FHA loans, with FHA purchase applications seeing a 7% increase. For-sale inventory has loosened in some markets and some potential buyers have been able to take advantage of increasing supply and lower FHA rates which were down slightly in comparison to the conforming 30-year fixed rate. Refinance activity rose slightly last week, driven largely by a 10% increase in VA applications.”

The refinance share of mortgage activity increased to 41% of total applications from 39.9% the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 5.9% of total applications.

The FHA share of total applications increased to 16.6% from 16.0% the week prior. The VA share of total applications increased to 13.6% from 13.3% the week prior. The USDA share of total applications decreased to 0.4% from 0.5% the week prior.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) increased to 6.9% from 6.86%, with points increasing to 0.70 from 0.60 (including the origination fee) for 80% loan-to-value ratio (LTV) loans. The effective rate increased from last week.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $766,550) increased to 7.03% from 7%, with points increasing to 0.53 from 0.48 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.  

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 6.68% from 6.69%, with points increasing to 0.90 from 0.76 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.

The average contract interest rate for 15-year fixed-rate mortgages increased to 6.32% from 6.21%, with points increasing to 0.76 from 0.63 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.

The average contract interest rate for 5/1 ARMs increased to 6.34% from 6.06%, with points decreasing to 0.42 from 0.64 (including the origination fee) for 80% LTV loans.  The effective rate increased from last week.

If you would like to purchase a subscription of MBA’s Weekly Applications Survey, please visit www.mba.org/WeeklyApps, contact mbaresearch@mba.org or click here.

The survey covers U.S. closed-end residential mortgage applications originated through retail and consumer direct channels. The survey has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks, thrifts, and credit unions. Base period and value for all indexes is March 16, 1990=100.