Mortgage applications increased 1.7% on a seasonally adjusted basis for the week ending Nov. 15, according to data from the Mortgage Bankers Association (MBA).

While MBA’s Market Composite Index, which tracks loan application volume each week, was up, the biggest news continued to be the refinance sector. The MBA’s Refinance Index increased 2% from the previous week but was up 43% from a year ago. Refinancing made up 41% of mortgage application activity, an increase of 1.1% from the prior week. The adjustable-rate mortgage share of activity decreased to 5.9% of total applications.

The Purchase Index was the laggard in the group, down 3% compared to a week ago. The index was down 1% from the same week a year ago.

Federal Housing Administration applications were up 0.6% for the week, accounting for 16.6% of application activity. The U. S. Department of Veterans Affairs loans increased by 0.3% from the previous week and accounted for 13.6% of total activity. The U.S. Department of Agriculture’s share of loan activity fell slightly to 0.4%, from last week’s 0.5%.

Despite the Federal Reserve cutting rates by 0.25% on Nov. 7, interest rates on 30-year fixed rate mortgages continued to climb during the week of Nov. 15. For conforming loan balances of $766,550 or less, the interest rate reached 6.90%, up from the previous week’s 6.86%. Mortgage points increased to 0.70 from 0.60, including the origination fee, for 80% loan-to-value (LTV) ratio loans. The average interest rate for 30-year mortgages on jumbo loan balances of $766,550 or more increased to 7.03% from 7.0%, with points increasing to 0.53 from last week’s 0.48 for 80% LTV loans.

FHA loans sported a mortgage rate of 6.68%, down just a tick from last week’s 6.69%. The average interest rate on 15-year mortgages increased to 6.32% from last week’s 6.21%.

“Mortgage rates moved higher for the fourth consecutive week, with the 30-year fixed rate increasing to 6.90 percent, its highest level since July 2024. However, even with the uptick in rates, overall mortgage applications increased,” said Joel Kan, MBA’s vice president and deputy chief economist. “The pickup in purchase applications was driven by conventional and FHA loans, with FHA purchase applications seeing a 7% increase. For-sale inventory has loosened in some markets and some potential buyers have been able to take advantage of increasing supply and lower FHA rates, which were down slightly in comparison to the conforming 30-year fixed rate. Refinance activity rose slightly last week, driven largely by a 10% increase in VA applications.”