Despite elevated mortgage rates, mortgage applications increased 0.2% from the prior week, according to data from the Mortgage Bankers Association (MBA)’s weekly mortgage applications survey for the week ending Nov. 21.

On an unadjusted basis, the index decreased 2% compared with the previous week.

“Mortgage rates crept higher last week, with the 30-year fixed rate up to 6.4%, its highest level since early October,” said Joel Kan, MBA’s vice president and deputy chief economist. “Despite these slightly higher rates, purchase applications increased over the week and remained at a stronger pace than a year ago, with increases across details ⇒

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