Nov 10, 2010
According to The Mortgage Bankers Association’s Weekly Mortgage Applications Survey, total loan application volume was up 5.8 percent last week, due to increases in both the Purchase and Refinance Index. The Purchase Index was up 5.5 percent, while the Refinance Index rose 6.0 percent from the previous week. Michael Fratantoni, MBA’s vice president of research and economics, said the increases in purchase applications over the last couple of weeks align with better than expected employment reports and data indicating some improvement in the economy’s growth prospects. The average contract interest rate for 30-year fixed-rate mortgages was unchanged from the week before at 4.28 percent. More here and here.