Mortgage Applications in the U.S. Reached a 3-Year High

Mortgage Applications on the Rise

The Mortgage Bankers Association (MBA) published mortgage (home loan) data for the week ending November 28. According to this data, mortgage applications for home purchases increased by 2.5 percent compared to the previous week. This marks the highest level recorded since the beginning of 2023.

Interest Rates Declining

The average interest rate for a 30-year fixed mortgage in the U.S. decreased from 6.23 percent to 6.19 percent, reaching its lowest level since the end of October. In the same period last year, this rate was 6.69 percent.

Economic Uncertainty and Market Dynamics

MBA Vice President Joel Kan stated, "We continue to see mixed results every week due to the uncertainty in the broader economic outlook. However, the slowdown in home price increases and the rise in the number of homes for sale are drawing some buyers back into the market."