Mortgage Applications Up for Home Purchases

Washington, DC, Nov. 10, 2010 -- U.S. mortgage application volume rose last week, on increases in demand for both home purchase and refinance loans, according to the Mortgage Bankers Association.

The MBA said applications increased 5.8% for the week ended Nov. 5.

"The increases in purchase applications we have seen over the past couple of weeks align with the better-than-expected news from October's employment report and other data indicating some improvement in the economy's growth prospects," said Michael Fratantoni, the MBA's vice president of research and economics, in a press release.

"Refinance applications increased as rates continued to hover near record lows."

The MBA's index of refinancing applications increased 6.0 percent. The purchase index rose 5.5 percent.

Interest rates on 30-year fixed-rate mortgages averaged 4.28 percent, unchanged from the previous week.

The MBA said fixed 15-year mortgage rates averaged 3.64 percent, unchanged from the previous week. A record low of 3.62 percent was set four weeks earlier.