In what may be a sign of growing confidence in the real estate market, applications for mortgages were up 5.4% for the week ended December 6, 2024 compared to the prior week as mortgage rates fell, according to the Mortgage Bankers Association’s (MBA) weekly mortgage applications survey.
This reading was on a seasonally adjusted basis. Unadjusted, the MBA’s Market Composite Index (MCI), which measures the volume of all types of loan applications, rose 50% in the same period.
“Purchase applications remained relatively strong and have shown annual gains in all but one week over the past three months,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “In addition to lower rates, purchase activity continues to be supported by sustained housing demand and inventory that continues to grow gradually in many markets.”
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