November 24, 2010 08:30AM
Mortgage applications for purchases spiked 14 percent during the week that ended Nov. 19, to their highest level since May, according to the latest weekly survey from the Mortgage Bankers Association. According to Michael Fratantoni, vice president of research and economics for the MBA, “the increase in purchase applications last week aligns with other incoming data suggesting that consumers are feeling somewhat more confident with their financial situation.” Meanwhile, refinancing applications fell 1 percent week-over-week, to their lowest level since June, as the interest rate for the 30-year fixed-rate mortgage rose to 4.5 percent — its highest since September. The average contract interest rate for the 15-year fixed-rate mortgage declined to 3.83 percent from 3.87 percent one week ago.
Via: The Real Deal