From Real Trends.com: Mortgage applications rose 3 percent for the week ended Nov. 6 as refinances made up for a plunge in purchase applications. The Mortgage Bankers Association’s index of applications rose to 627.7 from the prior week’s 608. The index of home purchase applications plunged 12 percent while the index of refinances jumped 11 percent.
Refinancing tightened its hold on the majority of mortgage activity, expanding its market share for all applications last week to 71.5 percent from 66.1 percent in the week before. The average interest rate for 15-year, fixed-rate mortgages eased up to 4.33 percent from 4.34 percent. The average interest rate for one-year, adjustable-rate mortgages increased to 6.85 percent from 6.83 percent.