Refinance Applications Decrease, Home Purchase Mortgage Applications Increase, Rates Climb

By Kyle Chezum Updated on 12/1/2010

12/01/2010

The Mortgage Bankers Association (MBA) released a report today detailing mortgage application rate statistics for the week ending November 26th, 2010. Interest rates increased to 4.56% from 4.50%, a season peak. Rates have been gradually increasing since August of this year.

As a result of increased rates, the overall refinance application rate decreased 21.6% compared to the week prior, but potential homebuyers were motivated to act fast and the home purchase mortgage application rate increased by about 1.1%. This is all good news for the housing sector. The end of the year may bring further glad tidings.

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About The Author:

Kyle Chezum

My name is Kyle Chezum. I'm a Marketing Associate here at Lender411com. If you have any questions, feel free to contact me. Thanks!.

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