U.S. Mortgage Applications Surge to 2-Year High Amid Elevated Rates
Mortgage applications for home purchases in the U.S. climbed to their highest level since early 2023, even as rates hover NEAR historic peaks. The Mortgage Bankers Association's index rose by 12.9 points to 181.6 for the week ended November 21, with the 30-year fixed rate mortgage at 6.4%—the highest since October.
Despite the elevated rates, demand for home purchases showed resilience, outpacing year-ago levels. "Purchase applications increased across both conventional and government segments," noted Joel Kan, MBA Vice President and Deputy Chief Economist. Refinancing activity, however, dipped by 6%, hitting September lows.
Seasonal volatility around holidays may temper the upward trend, but the data underscores a persistent appetite for housing despite restrictive borrowing costs.
