Number of mortgage applications increased last week
11/24/2010
By Credit.com Staff
The total of new and refinanced home loans Americans applied for in the week ending November 19 increased a seasonally adjusted 2.1 percent, according to the latest statistics from the Mortgage Bankers Association. This was driven entirely by a huge surge in the number of new purchases, as refinances declined slightly to a low not seen in several months.
The MBA's Purchase Index jumped a seasonally adjusted 14.4 percent last week from the previous period, the report said. This accounted for the largest increase in a single week seen since May 7. On an unadjusted basis, the number of new purchases rose 9.6 percent. However, this was still 7.4 percent lower than it was in the same week last year.
Meanwhile, the number of refinances fell a seasonally adjusted 1 percent, and is at the lowest point since June, the report said.
Many consumers may be shying away from refinances because interest rates on mortgages, which had been at or near record lows for months, have recently begun to creep up again.
