Mortgage demand rose as rates dropped following the October slowdown in inflation growth numbers. However, while purchase mortgage applications increased across all loan types, refinance activity remained depressed.
The market composite index, a measure of mortgage loan application volume, increased 2.7% for the week ending November 11, according to the Mortgage Bankers Association (MBA). The increase was driven by the purchase index, which rose 4%, but was offset by the refinance index, which dropped 2% from a week prior.
“Mortgage rates decreased last week as signs of slower inflation pushed Treasury yields lower,” Joel Kan, MBA’s vice president and deputy chief economist, details ⇒
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