According to Mortgage Bankers Association (MBA) data, mortgage applications rose 0.3 percent in the week ending November 24 compared to the previous week.
In this period, applications for home purchase increased by 5 percent compared to the previous week, while refinancing applications decreased by 9 percent.
The average interest rate for a 30-year mortgage in the country fell to a 10-week low of 7.37 percent.
In the same period, the average interest rate for a 15-year mortgage fell from 6.89 to 6.88 percent.
MBA Vice President Joel Kan, in his assessment of the data, pointed out that mortgage interest rates fell for the fourth time in the last 5 weeks and reported that there was some increase in mortgage applications due to the rise in purchase applications.
Noting that despite the increase in applications, last week's mortgage activity was 20 percent below last year, Kan said, "The purchasing market continues to be stagnant due to the low supply of available housing in the market."
Kan noted that refinancing activity will likely remain quiet for some time despite the recent decline in mortgage interest rates, as many borrowers will take out mortgages at much lower rates in 2020 and 2021.
