Mortgage Applications Rise on Refinancing

Washington, DC, Nov. 10, 2011 -- Mortgage application volume jumped last week as low interest rates spurred refinancing demand, according to the Mortgage Bankers Association.

In the week ending Nov. 4, mortgage loan applications increased 10.3% from the previous  week, MBA said.

“Treasury rates dropped last week as renewed turmoil in Europe once again led to a flight to quality, and thirty-year mortgage rates dropped to their second-lowest level of the year,” said Mike Fratantoni, MBA’s vice president of research and economics, in a press release.

Refinancing activity rose 12.1%, while purchase applications increased 4.8%.

The interest rate for a 30-year fixed mortgage is at 4.0%, and for a 15-year term, it is at 3.31%.