Mortgage Applications Slip as Market Sends Mixed Signals
The latest Mortgage Bankers Association (MBA) survey delivered a week of contrasting trends, painting a picture of a market that’s still trying to find its balance. For the week ending November 28, overall mortgage application volume declined by 1.4% on a seasonally adjusted basis — a shift influenced partly by the Thanksgiving holiday.
Purchase Activity Improves… Kind Of
Even as the broader Market Composite Index slipped, the seasonally adjusted Purchase Index posted a 3% rise compared to the previous week. But when unadjusted, purchase activity tells a different story — dropping 32% week‑over‑week.
Despite that dip, purchase applications are still performing better than they were a year ago, coming in at 17% higher. A complex combination of cooling home‑price growth and expanding housing inventory is nudging some buyers back into the game.
Refinances Cool Off as Rates Ease
The Refinance Index fell 4% from the prior week, even though long‑term mortgage rates declined. The refinance share of all mortgage activity also edged down slightly to 53%.
Interestingly, refinances remain 109% higher than they were during the same week in 2024 — highlighting how dramatic the rate landscape has shifted over the past year.
Rates Dip as Economic Clouds Gather
Interest rates slid across most loan types last week, following a drop in Treasury yields sparked by weakening labor market data and softer consumer confidence.
“The 30‑year fixed mortgage rate declined to 6.32% after steadily increasing over the past month,” said Joel Kan, MBA’s vice president and deputy chief economist.
Kan added that refinance activity slowed because many borrowers seem to be waiting for even better opportunities: lower rates.
Adjustable‑Rate Mortgages Rise
With uncertainty still swirling, adjustable‑rate mortgages (ARMs) saw a slight uptick, now making up 8% of total mortgage applications. ARMs often gain appeal during transitional rate environments as borrowers evaluate short‑term cost savings.
Click to explore why this matters for professionals
For real estate, mortgage, and finance professionals, market weeks like this highlight the importance of understanding rate trends and borrower psychology. Purchase activity rising despite economic “cloudiness” means motivated buyers are paying attention — and so should you.
Whether you’re advising clients or leveling up your expertise, staying current is essential. If you’re expanding your professional path, Cameron Academy offers licensing and continuing‑education programs across real estate, mortgage, insurance, and more to help keep you ahead of the curve.
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