On November 10, 2026, mortgage rates shot up for the first time in weeks, landing at 7.3% for a 30-year fixed loan.
This sudden hike came after an inflation report showed prices are still rising across the board.
Purchase applications rose 8% last week
Even with lower rates, applications to buy homes actually went up by 8% last week.
Lower FHA loan rates helped first-time buyers, and MBA's Joel Kan said applications for conventional, VA, and FHA purchase applications saw gains over the week, with particularly strong growth for FHA and VA loans, showing that plenty of people are still jumping into the market despite steeper borrowing costs.