Mortgage Applications Rise After Storm
Washington, DC, Nov. 14, 2012 -- Mortgage application volume rose last week, recovering from superstorm Sandy as well as responding to lower interest rates, according to the Mortgage Bankers Association.
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MBA said its seasonally adjusted index rose 12.6% in the week ended Nov 9.
Application volume in New Jersey more than doubled over the week, while volume in Connecticut and New York increased more than 60%.
Refinancing applications increased 13.1%, while loan requests for home purchases rose 11%.
The refinance share of total mortgage activity rose to 81% of applications from 80%.
Fixed 30-year mortgage rates averaged 3.52%, down from 3.61% the week before.