MBA Purchase Index Rises In Holiday Week

The purchase index snapped back in the holiday shortened November 28 week, rising 3.0 percent after falling 10.0 percent in the prior week. The gain helped the year-on-year reading which improved to minus 4.0 percent from minus 10.0 percent. The refinance index, however, continues its long run in negative trend, down a steep 13.0 percent for a sixth straight decline. Rates were mostly lower in the week with the average 30-year mortgage for conforming loans ($417,000 or less) down 7 basis points in the week to 4.08 percent.