Mortgage applications saw a 1.7% increase for the week ending Nov. 15, 2024, despite rising interest rates. According to the Mortgage Bankers Association, the 30-year fixed mortgage rate reached 6.90% — its highest level since July, yet both purchase and refinance applications grew. The overall trend indicates buyers and refinancers are adjusting to higher rates by tapping into a growing inventory and relatively lower FHA rates.

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