This Week in Real Estate 02 November 2011: Mortgage Applications Increase Slightly

November 2nd, 2011
in econ_news

Econintersect: The Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending October 28, 2011 showed mortgage applications increased 0.2% from one week earlier.

The refinance share of conventional activity decreased to 83.8 from 84.1 the previous week.  Thirty percent of all home purchases are for cash - so mortgages are involved in 70% of the transactions in housing market.

Follow up:

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) decreased to 4.31% from 4.33%.  Hat tip to Calculated Risk for the graphic below.

 

Source: MBA, Calculated Risk

 















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