Overview
- Seasonally adjusted purchase applications rose 6% in the week ending Nov. 7, the fastest pace since September, per MBA data.
- The unadjusted purchase index was 31% higher than a year ago, and MBA noted the strongest start to November since 2022.
- The average 30-year fixed conforming rate increased to 6.34% from 6.31%, with FHA at 6.14%, 15-year fixed at 5.70% and 5/1 ARMs at 5.50%.
- Refinancing fell 3% on the week but remained 147% above last year, with the refi share slipping to 55.6% and average refi loan size hitting a one-month low.
- The ARM share of applications decreased to 7.8%, and market watchers flagged the potential end of the government shutdown as a possible driver of near-term rate moves.