According to the Mortgage Bankers Association (MBA) weekly mortgage applications survey for the week ending November 19, 2010, the MBA Purchase Index (a measure of the volume of loan applications related to a home purchase), after taking a dip last week following increases for the prior three consecutive weeks, increased 14.4 percent from the week before. The four-week moving average of home purchase mortgage applications is up 4.0 percent for the period. This marks the highest level the seasonally adjusted purchase index has been since May 7, 2010.
The Mortgage Refinancing index decreased 1.0 percent this week and is now at it’s lowest level since the end of June. The refinance share of mortgage applications decreased to 78.6 percent from 80.3 percent the week before.
Interest rates for the week ended November 19, 2010:
- 30 year fixed-rate mortgage interest rates increased to 4.50 percent from 4.46 percent the week before, with fees decreasing to 0.88 percent from 1.12 percent on loans that are 80 percent of the value of the home.
- 15 year fixed rate mortgage interest rates decreased to 3.83 percent from 3.87 percent the week before, with fees increasing to 1.04 percent from 0.91 percent on loans that are 80 percent of the value of the home.