Mortgage market activity often cools in late November as Americans shift their focus to holiday planning, travel, and year-end obligations. Yet this year tells a different story. November mortgage applications saw a slight but notable increase heading into Thanksgiving 2025, according to the Mortgage Bankers Association’s most recent Weekly Mortgage Applications Survey. Total mortgage volume was essentially flat overall, up just 0.2% from the previous week, but the internal movement within the data reveals deeper storylines beneath the headline figures.