Mortgage applications increase in the US

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According to Mortgage Bankers Association (MBA) data, mortgage applications rose 4 percent in the week ending November 17 compared to the previous week.

In this period, applications for home purchase increased by 4 percent and refinancing applications increased by 2 percent compared to the previous week.

The average interest rate for a 30-year mortgage in the country fell to an 8-week low of 7.41 percent.

In the same period, the average interest rate for a 15-year mortgage fell from 6.94 to 6.89 percent.

MBA Vice President Joel Kan, in his assessment of the data, reminded that US bond yields declined as incoming data pointed to cooling inflation, and emphasized that 30-year mortgage rates also fell to the lowest level in two months.

Stating that mortgage applications are still low despite reaching the highest level in 6 weeks, Kan reported that purchase applications also increased.

Kan stated that the average loan size in purchase applications decreased to 403 thousand 600 dollars, the lowest level since January 2023.