Mortgage Activity Continued to Climb in November
Mortgage activity continued to climb in November, posting the largest year-over-year increase in more than five years. Every major category increased on a year-over-year basis as mortgage rates continue to trend lower, led by strong increases in refinancing and adjustable-rate mortgage activity.
The Mortgage Bankers Association’s (MBA) Market Composite Index, a measure of total mortgage application volume, fell 1.6% from October on a seasonally adjusted basis but was 60% higher than a year ago.
The average contract interest rate for 30-year fixed mortgages basis continued to fall for the sixth month in a row to 6.36%, the lowest in over a year. After a strong jump in September, refinancing activity in November decreased 8.3% month-over-month. However, refinancing increased 123.7% on an annual basis, the largest gain in over a year. Meanwhile, purchase applications increased 7.9% over the month and rose 34.1% compared to a year ago, the highest increase since 2021.
The Mortgage Bankers Association’s (MBA) Market Composite Index, a measure of total mortgage application volume, fell 1.6% from October on a seasonally adjusted basis but was 60% higher than a year ago.
The average contract interest rate for 30-year fixed mortgages basis continued to fall for the sixth month in a row to 6.36%, the lowest in over a year. After a strong jump in September, refinancing activity in November decreased 8.3% month-over-month. However, refinancing increased 123.7% on an annual basis, the largest gain in over a year. Meanwhile, purchase applications increased 7.9% over the month and rose 34.1% compared to a year ago, the highest increase since 2021.