More homebuyers applied for mortgage loans to purchase homes following a dip in interest rates, according to the Mortgage Bankers Association (MBA).
Overall mortgage loan application volume, including applications for buying homes and refinancing, rose by 6.3 percent for the week ending Nov. 22 from the previous week, according to a Nov. 27 statement from MBA. The jump is the highest increase since late September. Applications to purchase a home saw a 12 percent jump.
“Purchase activity drove overall applications higher last week, as conventional purchase applications picked up pace and mortgage rates declined for the first time in over two months, with the 30-year fixed rate dropping slightly to 6.86 percent,” said MBA Deputy Chief Economist Joel Kan….