NEW YORK - Mortgage loan application volume grew 2.1% on a seasonally adjusted basis in the week ended November 19, the Mortgage Bankers Association Weekly Mortgage Applications Survey indicated.
Refinancing activity was 1.0% lower than the previous week and is at its lowest point since the end of June. The seasonally adjusted purchase index rose 14.4% in the week, to its highest reading since the week ended May 7. The index is down 7.4% from a year ago.
"The increase in purchase applications last week aligns with other incoming data suggesting that consumers are feeling somewhat more confident with their financial situation," said Michael Fratantoni, MBA's Vice President of Research and Economics. "While the increase was magnified somewhat by the comparison to the holiday week, the level of purchase applications on a seasonally adjusted basis is now at its highest level since the expiration of the homebuyer tax credit."
The market index four-week seasonally adjusted moving average fell 3.2%, while the four-week purchase index gained 4.0% and the refinance index fell 4.8%.
Refinancings accounted for 78.6% of all applications, off from 80.3% the previous week. Adjustable-rate mortgages were 5.3% of total applications, unchanged from a week earlier.
The average 30-year fixed-rate mortgage interest rate rose to 4.50% from 4.46%, while the average 15-year fixed-rate mortgage declined to 3.83% from 3.87%.
