US mortgage applications for home purchases saw a significant increase of 12.4% in the week ending November 22, which is the highest level since February. This rise can be attributed to buyers taking advantage of lower borrowing costs and a wider range of homes available on the market.
The measure of purchase applications reached 152.9, marking the largest percentage gain since early 2023. However, it is important to consider that data during holiday periods can experience notable fluctuations.