According to the Mortgage Bankers Association's seasonally adjusted index, total mortgage application volume increased 5.5% in the week ending November 5, led by a 7% rise in refinance activity.
Refinance applications were still down 28% from the same time a year ago, and MBA economist Joel Kan said in a statement, “Although overall activity remains close to January 2020 lows, homeowners acted on the decrease in rates.”