U.S. mortgage rates decline for the first time in nine weeks, home purchase application index soars to a new high since February
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The U.S. mortgage application index surged 12.4% in the week ending November 22, reaching 152.9, the highest level since February. This increase was primarily driven by the first decline in borrowing costs, with the 30-year fixed mortgage rate falling to 6.86%. Despite the improvement in mortgage costs, they remain above the levels prior to the Federal Reserve's interest rate cuts. The MBA noted that a strong economy and an increase in available inventory were also favorable factors. The overall market index rose by 6.3%, while the refinancing index declined by 2.6%
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