Overview
- MBA data for the week ending Nov. 7 show the market composite index up 0.6% and seasonally adjusted purchase applications up about 6% to their strongest pace since September.
- Freddie Mac reports the 30-year fixed rate at 6.24%, essentially flat week over week and roughly half a percentage point below a year ago, while the 15-year averages 5.49%.
- MBA’s average contract rate for 30-year conforming loans edged up to 6.34% as buyers kept shopping in markets with more listings and slower price growth.
- Refinance applications fell 3% from the prior week but remained about 147% higher than a year earlier, with refis at 55.6% of total applications and ARMs at 7.8%.
- With the federal government reopened after a data drought that kept rates steady, economists warn volatility could return as delayed reports resume, even as October lock data from Optimal Blue show resilient volumes and a 6.16% OBMMI 30-year rate, the lowest since late 2023.