Mortgage applications rose 5.8% last week on a seasonally adjusted basis, with similar increases for both refinancings and purchase loans, according to new figures released by the Mortgage Bankers Association.
Rates were essentially unchanged, the trade group reported.
Refinancing applications increased by 6% compared to the previous week. For the third consecutive week purchase applications rose 5.5%. The conventional purchase index increased 5.4% to its highest level since May.
Michael Fratantoni, MBA's vice president of research and economics, said the increase in applications "align with the better than expected news from October's employment report and other data indicating some improvement in the economy's growth prospects."
Refi applications accounted for 81.7% of all new business, a slight increase from the prior week. (MBA tracks activity through its proprietary application index.)
The average contract interest rate for a 30-year fixed rate mortgage remained unchanged at roughly 4.28%. The rate for the 15-year FRM was 3.64%.
