Mortgage applications to buy a home in the U.S. reached their highest level since early 2023 as mortgage rates continue to hover near all-time highs.
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For the week ended November 21, the Mortgage Bankers Association’s index of home-purchase applications rose by 12.9 points to 181.6, with the 30-year fixed rate mortgage at 6.4%, the highest since October. The index is based on a survey that includes more than 75% of all U.S. retail residential mortgage applications.
Home Sales Face Fluctuations During Holiday Periods
Still, the rising index carries a caveat, as home sales often experience increased volatility around holiday periods.
“Despite these slightly higher rates, purchase applications increased over the week and remained at a stronger pace than a year ago, with increases across conventional and government purchase applications,” said MBA Vice President and Deputy Chief Economist Joel Kan.
However, higher mortgage rates did affect refinancing applications, as they fell by roughly 6% to lows last seen in September.
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