Mortgage Purchases Rise
Applications to purchase homes rose 1.4 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 0.2 percent last week compared to the previous week, but were down 28 percent compared to the same week a year ago.
Overall, mortgage application volume declined 5 percent over the last week on a seasonally adjusted basis because refinances decreased 6.4 percent.
Interest rate changes were mixed.
Average 30-year fixed-rate mortgages increased to 4.28 percent from 4.25 percent, while the average rate for 15-year fixed-rate mortgages decreased to 3.64 percent from 3.67 percent.
Source: Mortgage Bankers Association (11/03/2010)
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