Mortgage Applications Surge 31% Year-Over-Year: What That Means for Homebuyers

by Team At The Comerford Group

According to recent data from the Mortgage Bankers Association (MBA), mortgage applications for purchase loans are up 31 % compared to the same week last year, marking the strongest start to November since 2022.

Why is this happening? Here are the key drivers:

1. Inventory is loosening, price growth is cooling:

With more inventory and slower price growth, buyers have more choices and less bidding-war stress.

2. Mortgage rates remain favorable relative to last year:

At roughly 6.22%, 30-year rates are still about 0.57 points lower than last year , motivating both first-time and repeat buyers.

3. Refinance market is alive and kicking

Refinance applications have more than doubled year over year.

What this means for you!

If you’re thinking about buying a home (or refinancing), these trends suggest now may be a smart time to move:

More inventory means you may find better choices, better value, and less competition.
Relatively lower rates give you more purchasing power and potentially lower monthly payments.
Strong demand signals that other buyers are active — you’ll want to be ready.

Why our team is the right fit

Whether you’re a first-time buyer, looking into down-payment assistance programs, or exploring products like HomeTown Heroes, our team is ready to guide you. With market momentum like this, aligning with someone who knows the ins and outs makes all the difference.

Ready to take the next step?

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