The Mortgage
Bankers Association (MBA) reported on
Wednesday that the mortgage application volume in the U.S. climbed by 1.7 per cent in the week ended November 15, following a 0.5
per cent rise the week before.
According to
the MBA’s data, last week’s jump in mortgage applications reflected
a 2.0 per cent gain in mortgage applications to purchase a home and a 1.8 per cent advance in
mortgage refinance applications.
The report also
revealed that the average fixed 30-year mortgage rate rose from 6.86 per cent to 6.90 per
cent, the highest level since early
July.
Commenting on
the latest survey results, Joel Kan, MBA’s vice president and deputy chief
economist, noted that for-sale inventory had loosened in some markets and some
potential buyers had been able to take advantage of increasing supply and lower
FHA rates which were down slightly in comparison to the conforming 30-year
fixed rate.