US Home-Purchase Applications Surge to Highest Since 2023

(Bloomberg) -- US mortgage applications to buy a home surged last week to the highest level since early 2023, despite still-elevated borrowing costs.

The Mortgage Bankers Association’s index of home-purchase applications jumped 7.6% to 181.6 in the week ended Nov. 21, data from the group showed Wednesday. The contract rate on a 30-year fixed mortgage rate ticked up to a more than one-month high of 6.4%.

Most Read from Bloomberg

• San Francisco Hotels That Echoed City’s Decline Sell for 75% Off

• Despite Star Architect’s Alleged Misconduct, New Harlem and Princeton Museums Shine

• High-Rises Are Changing the Slovak Capital of Bratislava Beyond Recognition

• Bikeshare Shouldn’t Kick Tourists to the Curb

• DC Mayor Bowser Won’t Seek Reelection in 2026

While a sustained surge in purchase activity would certainly be welcome in a housing market that has struggled to gain momentum, the weekly figures tend to be volatile around holiday periods.

MBA’s measure of refinancing, meantime, declined to the lowest level since early September.

The MBA survey, which has been conducted weekly since 1990, uses responses from mortgage bankers, commercial banks and thrifts. The data cover more than 75% of all retail residential mortgage applications in the US.

(Add graphic)

Most Read from Bloomberg Businessweek

• Pulte’s Move to Fix Credit Scores Is Bad News for Homebuyers

• The AI Industry Is Built on a Big Unproven Assumption

• Target Needs More Than a Vibe Shift to Turn Its Business Around

• Permabull Tom Lee Sees Bitcoin as High as $200,000 by January’s End

• The Dirty Secret of Biodegradable Plastic

©2025 Bloomberg L.P.