by Calculated Risk on 12/03/2025 07:00:00 AM
From the MBA: Mortgage Applications Decrease in Latest MBA Weekly Survey
Mortgage applications decreased 1.4 percent from one
week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage
Applications Survey for the week ending November 28, 2025. This week’s results include an adjustment
for the Thanksgiving holiday.
The Market Composite Index, a measure of mortgage loan application volume, decreased 1.4 percent on
a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 33
percent compared with the previous week. The Refinance Index decreased 4 percent from the previous
week and was 109 percent higher than the same week one year ago. The seasonally adjusted Purchase
Index increased 3 percent from one week earlier. The unadjusted Purchase Index decreased 32 percent
compared with the previous week and was 17 percent higher than the same week one year ago.
“Mortgage rates moved lower in line with Treasury yields, which declined on data showing a weaker labor
market and declining consumer confidence. The 30-year fixed mortgage rate declined to 6.32 percent
after steadily increasing over the past month,” said Joel Kan, MBA’s Vice President and Deputy Chief
Economist. “After adjusting for the impact of the Thanksgiving holiday, refinance activity decreased
across both conventional and government loans, as borrowers held out for lower rates. Purchase
applications were up slightly, but we continue to see mixed results each week as the broader economic
outlook remains cloudy, even as cooling home-price growth and increasing for-sale inventory bring some
buyers back into the market.”
…
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances
($806,500 or less) decreased to 6.32 percent from 6.40 percent, with points decreasing to 0.58 from 0.60
(including the origination fee) for 80 percent loan-to-value ratio (LTV) loans.
emphasis added
Click on graph for larger image.
The first graph shows the MBA mortgage purchase index.
According to the MBA, purchase activity is up 17% year-over-year unadjusted.
Red is a four-week average (blue is weekly).
Purchase application activity is still depressed, but solidly above the lows of 2023 and above the lowest levels during the housing bust. The second graph shows the refinance index since 1990.
The refinance index increased from the bottom as mortgage rates declined, but is down from the recent peak in September.
