Mortgage Purchase Applications Up, Refi's Fall

Washington, DC, Nov. 3, 2010 -- Mortgage application volume fell 5% from the previous week, as purchase applications rose while refinancing tailed off, according to the Mortgage Bankers Association.

The Refinance Index decreased 6.4% from the previous week, its third consecutive decline.

The seasonally adjusted Purchase Index increased 1.4% from one week earlier.

The refinance share of mortgage activity decreased to 81.3% of total applications from 82.3% the previous week.

The average interest rate for 30-year fixed-rate mortgages increased to 4.28% from 4.25%.

The average interest rate for 15-year fixed-rate mortgages decreased to 3.64% from 3.67%.