Mortgage applications saw an uptick last week, propelled by a continuous decline in mortgage interest rates from their highest point in 23 years, as reported by the Mortgage Bankers Association (MBA).
The Market Composite Index, indicating mortgage loan application volume, experienced a 2.8% increase on a seasonally adjusted basis for the week ending November 10, compared to the previous week. On an unadjusted basis, the index showed a 0.4% increase.
Refinance applications recorded a 2% growth for the week, marking a 7% rise compared to the same week one year ago. Meanwhile, mortgage applications for home purchases increased by 3% from the previous week but were 12% lower than the corresponding week in the previous year.
In terms of loan distribution, the FHA share of total applications decreased slightly from 14.7% to 14.4% week-over-week, while the VA share increased from 10.5% to 11.2%.
After a four-week decline, loan sizes saw a modest increase. The average loan size reached $355,700, up from $353,600, with purchase loans averaging $406,600, reflecting a $1,400 increase compared to the previous week.