Mortgage applications rose 6.3% on a seasonally adjusted basis during the week ending Nov. 22, driven by a 12% increase in demand for purchase loans, according to data released Wednesday by the Mortgage Bankers Association (MBA).

It is the third straight weekly increase for applications — a good sign for mortgage lenders heading into the typically slow Thanksgiving holiday. Demand is growing as mortgage rate increases are leveling off following several weeks of upward movement. HousingWire‘s Mortgage Rates Center showed the average 30-year conforming rate at 7.02% on Wednesday, up 3 basis points (bps) from a details ⇒

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