Mortgage apps rise as interest rates steady

As interest rates held steady at historically low levels, more Americans applied for mortgages last week, according to the latest report from the Mortgage Bankers Association for the week that ended Nov. 5. Refinancing applications were up 6 percent week-over-week, while purchasing applications weren’t far behind, up 5.5 percent from one week earlier for their third straight weekly increase. “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, vice president of research and economics for the MBA. The 30-year mortgage was unchanged from last week with an average contract interest rate of 4.28 percent, and it was a similar story for the 15-year mortgage, which was at 3.64 percent. TRD