Refinancing Increases as Rates Fall Last Week

Washington, DC, Oct. 22, 2014 -- Mortgage applications increased 11.6% last week from the previous week, according to the Mortgage Bankers Association.

On an unadjusted basis, the index increased 12%.

The seasonally adjusted Purchase Index decreased 5% from one week earlier, while  the Refinance Index increased 23% from the previous week to the highest level since November 2013. 

Refinancing activity increased to 65% of total applications, the highest level since December 2013, from 59% the previous week.

The average interest rate for 30-year fixed-rate mortgages decreased to 4.10% from 4.20%.