Mortgage Applications To Buy Homes Rise

Washington, DC, Nov. 23, 2011 -- Mortgage application volume declined last week although purchase applications rose, according to the Mortgage Bankers Association.

Overall mortgage application activity fell 1.2%, but loan requests for purchases rose 8.2%. However, the level of purchase applications was still 5% lower than a year ago.

The index of refinancing applications fell 4.0% and the refinance share of total mortgage activity dropped to 75.9% of applications from 77.3%. It was the lowest level since September.

Fixed 30-year mortgage rates were unchanged at an average 4.23%.