Mortgage Applications Increase for Both Purchases and Refinances

The number of applications submitted by consumers for mortgage loans rose last week, as interest rates held low. The Mortgage Bankers Association (MBA) says its measurement of total mortgage application volume increased 5.8 percent for the week ending November 5th, when compared to the previous week.

Applications for home purchases were up 5.5 percent from one week earlier, marking their third consecutive weekly increase. MBA says its purchase index is 33.9 percent above where it was at this time last year. The conventional purchase index increased 5.4 percent to its highest level since May of this year.

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