Mortgage Applications Rise Over Thanksgiving

Mortgage Applications Rise Over Thanksgiving
Mortgage applications rose last week, according to the Mortgage Bankers Association weekly survey.

On a seasonally adjusted basis, mortgage loan applications increased 2.1 percent compared to the previous week. The seasonally adjusted purchase index increased 4.1 percent from the previous week, while the refinance index rose 1.7 percent.

On an unadjusted basis – reflecting the Thanksgiving holiday – the purchase index decreased 30.4 percent compared with the previous week and was 34.9 percent lower than it was the same week a year ago.

Mortgage rates continued to decline, with 30-year fixed rates reaching their lowest level since May.

30-year fixed-rate mortgages decreased to 4.79 percent from 4.82 percent;
15-year fixed-rate mortgages decreased to 4.27 percent from 4.32 percent;
1-year ARMs decreased to 6.56 percent from 6.66 percent.

Source: Mortgage Bankers Association (12/02/2009)