Purchase Applications Rise 1.1%

Applications for mortgages to purchase homes rose 1.1 percent last week compared to the previous week on an adjusted basis that took into account the Thanksgiving holiday. The four-week moving average is up 3.8 percent on a seasonally adjusted basis.

On an unadjusted basis, purchase applications decreased 22.9 percent compared with the previous week, but were up 2.7 percent compared to the same week a year ago.

The refinance share of mortgage activity declined 21.6 percent due to rising interest rates. The interest rate for 30-year fixed-rate mortgages increased to 4.56 percent from 4.50 percent, while 15-year fixed-rate mortgages increased to 3.91 percent from 3.83 percent.

Source: Mortgage Bankers Association (12/01/2010)

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