Per the Mortgage Bankers Association’s survey through the week ending November 3rd, total mortgage activity increased 2.5% from the previous week and the average 30-year fixed-rate mortgage rate fell 25 basis points to 7.61%. The FRM rate has decreased by 6 basis points over the past month but has hovered between 7.5% and 8.0% for six consecutive weeks. The Market Composite Index, a measure of mortgage loan application volume, rose by 2.5% on a seasonally adjusted basis from one week earlier. Purchasing activity increased 3.0% and refinancing activity increased 1.6% week-over-week. While the market composite index increased over the week, mortgage activity remains largely muted due to the continuing lack of existing for-sale inventory.
In Related Coverage: Rising Mortgage Rates Push Housing Affordability to Lowest Level in Index History