Through the week ending November 3rd, total mortgage activity increased 2.5% from the previous week, per the Mortgage Bankers Association’s (MBA) survey. The average 30-year fixed-rate mortgage (FRM) rate fell 25 basis points to 7.61%.
According to Eye On Housing, 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 (SA) basis from one week earlier. Purchasing activity increased 3.0% and refinancing activity increased 1.6% week-over-week.