Daily Real Estate News  |  November 14, 2007  |   Mortgage Applications up 5.5% for the Week
Refinancing activity drove the weekly Mortgage Applications Survey for the week ending Nov. 9 up 5.5 percent to a seasonally adjusted 707.3, according to the Mortgage Bankers Association.

On an unadjusted basis, the index increased 4.2 percent compared with the previous week and was up 21.8 percent compared with the same week one year earlier.

The Refinance Index increased 6.4 percent to 2315.7, and the refinance share of mortgage activity increased to 50.2 percent of total applications from 49.1 percent the previous week.

Mortgage rates increased overall:

• 30-year fixed-rate mortgages increased to 6.19 percent from 6.16 percent;
• 15-year fixed-rate mortgages remained unchanged at 5.77 percent;
• 1-year ARMs increased to 5.98 percent from 5.94 percent.

Source: Mortgage Bankers Association (11/14/2007)