Mortgage Purchase Applications Rise, Refinancing Drops

Despite a 7.0 percent rise in the November 15 week, yearly growth in the purchase index, reflecting a tough comparison with the year-ago week, fell nearly in half, from 15.0 percent to also 7.0 percent. Yet the weekly rate, nevertheless, offers reassurance that home sales are moving higher. Separately, refinancing activity eased in the week with this index down 8.0 percent. Conforming 30-year mortgages averaged 3.99 percent in the week, down 4 basis points from the prior week.