Mortgage Purchase And Refinancing Applications Rise

Purchase applications for home mortgages rose a seasonally adjusted 0.4 percent in the November 10 week, a marginal increase that, however, put the purchase index a sharp 17 percent above its year ago level. Applications for refinancing rose 6.0 percent in the week, taking the refinancing share of mortgage activity to 51.3 percent, 1.3 percentage points more than in the prior week and the highest share since September. Mortgage rates were steady, with the average interest rate on 30-year fixed-rate mortgages ($424,100 or less) remaining unchanged at 4.18 percent. The strong year-on-year gain in purchase applications continues to point to future strength in underlying home sales.