With mortgage rates down nearly 50 basis points from the recent peak about a month ago, borrower demand picked up again this week, according to the Mortgage Bankers Association (MBA).
The market composite index, a measure of mortgage loan application volume, rose 2.2% for the week ending November 18 after registering a 2.7% increase in the previous week. Compared to the same week in 2021, however, the index fell 67.8%.
Purchase applications were up 2.76% this week, compared to the previous week, but 41% down year over year. Meanwhile, the demand for refinance index, which dropped 86.2% year details ⇒
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