Weekly Real Estate News
Summary
MBA reported mortgage applications increased 6.2% for the week ending November 6. Purchase applications rose 8% and refinance applications 5%, although both remained below year-earlier levels.
Mortgage applications rebounded in the latest weekly survey from the Mortgage Bankers Association, offering a sign that declining borrowing costs are drawing some buyers and homeowners back into the market even as demand remains well below last year’s pace.
The MBA said November 11 that its seasonally adjusted Market Composite Index increased 6.2% for the week ending November 6. Purchase applications rose 8% on a seasonally adjusted basis, while refinance applications increased 5%.
Weekly rebound masks a weaker annual comparison
The unadjusted purchase index remained 18% below the same week a year earlier. Refinance applications were 57% below the year-earlier level. Those comparisons are central to interpreting the report: a one-week improvement does not necessarily mean the housing market has entered a sustained recovery.
The average contract rate on conforming 30-year fixed mortgages fell to 7.21% from 7.30%, with points unchanged at 0.75 for loans at 80% loan-to-value. The FHA rate declined to 6.98% from 7.02%. These are MBA survey contract rates and should not be directly equated with Freddie Mac’s separate weekly mortgage-rate measure.
Government-backed lending responds
MBA Deputy Chief Economist Joel Kan attributed stronger activity partly to four consecutive weeks of falling rates and said FHA and VA purchase applications showed particularly strong growth. The VA share of total applications rose to 12.4% from 11.2%, while the FHA share declined to 15.5% from 16.0%.
Refinancing accounted for 39.8% of all applications, unchanged from the prior week. Adjustable-rate mortgages represented 10.9%, down from the preceding week’s share.
What it means for the market
For comparison with a separate weekly rate measure, see WRE News’ Freddie Mac rate coverage.
The report suggests that modest reductions in financing costs can produce a measurable near-term response, especially among borrowers who have delayed transactions. Yet the steep year-over-year declines show the constraints facing lenders and buyers: affordability remains difficult, and many existing homeowners still hold loans with rates well below those currently available.
For originators, the key question is whether lower rates persist long enough to convert increased applications into funded loans. The MBA index measures application activity, not completed home purchases or closings.
Source: Mortgage Bankers Association weekly applications survey, November 11, 2026.
Simple Content Summary
Mortgage applications rose 6.2% for the week ending November 6, according to MBA. Purchase applications gained 8% and refinancing rose 5%, but both categories remained substantially below year-ago levels.
