NEW YORK - Mortgage loan application volume grew 5.8% on a seasonally adjusted basis in the week ended November 5, according to the Mortgage Bankers Association Weekly Mortgage Applications Survey, released Wednesday.
The refinance index rose 6.0%, while the purchase index climbed 5.5%, its third straight rise. The purchase index was 33.9% better than a year ago, unadjusted.
"Although mortgage rates were little changed following the Federal Reserve's decision to purchase $600 billion of Treasury bonds over the next eight months, mortgage applications increased last week," said Michael Fratantoni, MBA's Vice President of Research and Economics. "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. Refinance applications increased as rates continued to hover near record lows."
The seasonally adjusted four-week market index moving average fell 1.9%, while the four-week purchase index increased 1.0% and the four-week refinance index slid 2.6% in the week.
Refinancings accounted for 81.7% of mortgage applications from, up from 81.3% the previous week, while adjustable-rate mortgages totaled 5.3% of application, down from 5.4% a week earlier.
The average 30-year fixed-rate mortgage remained unchanged at 4.28%, while 15-year fixed-rate mortgages held at 3.64%.
