November 24, 2010
Home Loan Application Volume Increases
By Matthew L. Brown
Mortgage application volume increased 2.1 percent in the week ended Nov. 19, according to the Mortgage Bankers Association's Market Composite Index.
Refinance application volume increased 1 percent and took up 78.6 percent of all loan application volume.
The purchase index increased 14.4 percent compared to the previous week, its best showing since early May.
The average contract interest rate for a 30-year, fixed mortgage was 4.5 percent during the week, a slight increase from 4.46 percent the prior week.
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