US Home-Purchase Applications Surge to Highest Since 2023

US mortgage applications to buy a home surged last week to the highest level since early 2023, despite still-elevated borrowing costs.

The Mortgage Bankers Association’s index of home-purchase applications jumped 7.6% to 181.6 in the week ended Nov. 21, data from the group showed Wednesday. The contract rate on a 30-year fixed mortgage rate ticked up to a more than one-month high of 6.4%.