Mortgage applications in the United States rose 0.2% for the week ending November 21, according to data released Wednesday by the Mortgage Bankers Association (MBA).
The MBA’s Market Index increased from 316.9 to 317.6 compared to the previous week. The Purchase Index saw a sharper rise, climbing from 168.7 to 181.6, indicating improved homebuying activity.
However, refinancing demand weakened. The Refinance Index fell from 1,156.8 to 1,090.4.
The average contract interest rate for 30-year fixed-rate mortgages edged higher as well, rising from 6.37% to 6.4%.
