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.

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.