Mortgage Applications Increase as Interest Rates Stay Low

By Kyle Chezum Updated on 11/10/2010

11/10/2010

Both home purchase mortgage application rates and refinance application rates shot up this past week, the Mortgage Bankers Association revealed.  Home purchase applications increased by about 5.8% while refinance applications increased by 6%.  Michael Fratantoni, the MBA's vice president of research and economics, said the news was "better than expected."

The MBA's seasonally adjusted purchase index hinted that home purchases may increase 5.5% soon as a result of these mortgage applications.  This kind of positive change is long overdue, but week by week application levels are volatile and these numbers may reverse in the coming weeks.

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