Mortgage Purchase And Refinancing Applications Jump

Mortgage bankers were very busy in the November 8 week judging by applications which jumped a weekly 13.0 percent for refinancing and 5.0 percent for the purchases, the latter up a robust 15.0 percent from this time last year. Mortgage rates remain very favorable but did climb slightly in the week, up 5 basis points to an average of 4.03 percent for conventional 30-year loans. Today's report, specifically the rise in purchase applications, will give a lift to expectations for home sales going into year end.