MBA Refi Applications Rise 7% From Previous Week As Rates Drop, Purchase Apps Flat

Mortgage applications increased 5.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending November 5, 2021.

The Refinance Index increased 7 percent from the previous week and was 28 percent lower than the same week one year ago. But thanks to Federal Stimulypto (as measured by M2 Money), mortgage refi applications remain higher than before COVID struck.

The seasonally adjusted Purchase Index increased 3 percent from one week earlier. The unadjusted Purchase Index increased 0.1 percent compared with the previous week and was 4 percent lower than the same week one year ago. Note that we have in the waning months of mortgage applications and home price growth typically slows June.

By the numbers:

Let’s see if Pazuzu Powell can keep the ball rolling. Powell may have to pull out Fed Potion #9.