This is per the California Association of Realtors “Market Minute Write-Up.” Mortgage applications increase as mortgage rates tumble: Following the latest inflation data release which suggests a slowdown in overall price growth in the economy, mortgage rates decreased last week as Treasury yields dropped sharply. The 30-year fixed-rate mortgage, according to Freddie Mac, averaged 6.61% as of November 17. This was down from 7.08% the week prior and was the biggest week-to-week decline in the last four decades. In response to the decline in rates, total mortgage applications recorded a weekly gain of 2.7% for the weekly ending November 11, 2022. Most of the increase in application activity was due to the seasonally adjusted increase of 4% in purchase applications from the week prior. Refinance activity, on the other hand, continued to move downward by another 2% from the previous week and was down 88% from the level observed one year ago.
