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.

For full story, click here.