According to The Mortgage Bankers Association’s Weekly Applications Survey, the average contract interest rate for 30-year fixed-rate mortgages increased last week to 4.56 percent from 4.50 percent the week before. The rise in rates caused a 21.6 percent drop in the Refinance Index, which reached its lowest level since June. The Purchase Index, however, was up 1.1 percent from a week earlier. The week’s results include an adjustment for the Thanksgiving holiday. More here.
Theresa Springer’s Blog
Purchase Demand, Mortgage Rates Rise
December 1, 2010
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