US Mortgage Applications Jump 6.2% as 30-Year Rate Slides to 7.21%

US mortgage applications surged 6.2% in the week ending November 6, a sharp reversal from the prior week's 1.2% decline, according to data released by the Mortgage Bankers Association. The rebound was broad-based, with the purchase index rising 7.5% and the refinance index climbing 4.5% week over week.

The improvement came alongside a 9 basis point drop in the 30-year fixed mortgage rate to 7.21%, marking the second consecutive weekly decline from the prior reading of 7.30%. Despite the weekly gains, applications remain deeply depressed on a longer-term basis, running 38.8% below the same week one year ago, a sign that elevated rates continue to weigh heavily on overall housing market activity.