Mortgage applications increased 2.8% on a seasonally adjusted basis during the week ending Nov. 29 as borrowers took advantage of improved inventory levels and the lowest mortgage rates in a month, according to data released Wednesday by the Mortgage Bankers Association (MBA).

Purchase loan activity drove total applications higher last week, which included an adjustment for the Thanksgiving holiday. The seasonally adjusted purchase index rose by 6% compared to the previous week. On an unadjusted basis, however, purchase applications were 21% lower than the same week last year.

“The recent strength in purchase activity continues, supported by details ⇒

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