Mortgage Applications Rise


Applications to purchase homes rose 5.5 percent last week compared to the previous week on a seasonally adjusted basis, according to the Mortgage Bankers Association weekly survey.

On an unadjusted basis, purchases increased 3.1 compared over the previous week. This was the third consecutive week that purchase applications rose. They are at the highest level since May.

“The increases in purchase applications we have seen over the past couple of weeks align with the better than expected news from October’s employment report and other data indicating some improvement in the economy’s growth prospects,” says Michael Fratantoni, MBA’s vice president of research and economics.

Mortgage rates held steady:

· 30-year fixed-rate mortgages remained unchanged at 4.28 percent.
· 15-year fixed-rate remained unchanged at 3.64 percent.

Source: Mortgage Bankers Association (11/10/2010)

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