Mortgage Applications Increase Last Week

Washington, DC, Nov. 19, 2014 -- Mortgage application volume rose 4.9% last week from the previous week as there was growing interest in purchasing a home, according to the Mortgage Bankers Association.

While refinance applications rose just 1% week to week, purchase applications increased 12% to the highest level since July.

"MBA and other data are showing strength in the market for new homes, likely reflecting the boost from continued job growth in recent months," said Michael Fratantoni, chief economist for the MBA.

Purchase applications were still 6% below a year ago.

The average interest rate for 30-year fixed-rate mortgages decreased to 4.18% from 4.19%.