According to The Mortgage Bankers Association’s Weekly Applications Survey, applications for purchase loans rose 1.4 percent last week. Despite the gain in purchase demand, the Market Composite Index, which measures total loan application volume, fell 5.0 percent, due to a 6.4 percent drop in the Refinance Index. The average contract interest rate for 30-year fixed-rate mortgages was also up, rising to 4.28 percent from 4.25 percent the week before. More here.
Theresa Springer’s Blog
Purchase Demand, Mortgage Rates Rise
November 3, 2010
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