Both purchase and refinance applications increased to their highest weekly pace in five weeks after mortgage rates logged the largest decline in a year.

Total home loan applications increased 2.8% for the week ending Nov. 10 compared to the previous week, according to weekly data from the Mortgage Bankers Association (MBA).

The 30-year, fixed mortgage rate averaged 7.5%, falling 26 basis points in one week, according to Freddie Mac‘s Primary Mortgage Market Survey. It was the largest one-week decrease recorded since November 2022, prompted by a details ⇒

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