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NOV
13
Application Index for Purchases Falls
By John Askins



Mortgage applications rose 3.2 percent on a seasonally adjusted basis last week compared with the previous week, but most of the increase was in refinances.

The seasonally adjusted purchase index declined 11.7 percent from the previous week and is at its lowest level since December 2000. On an unadjusted basis, the purchase index fell 13.7 percent compared with the previous week and was down 21.6 percent compared to the same week a year ago.

The refinance index increased rose 11.3 percent and represented 71.5 percent of total applications.

Overall, interest rates declined:
  • 30-year fixed-rate mortgages decreased to 4.90 percent from 4.97 percent.
  • 15-year fixed-rate mortgages remained unchanged at 4.33 percent.
  • 1-year ARMs increased to 6.85 percent from 6.83 percent.
source: Mortgage Bankers Association
Disclaimer: The views and opinions expressed in this blog are those of the author and do not necessarily reflect the official policy or position of the Houston Association of REALTORS®

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John Askins

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Welcome to Royce Realty, your source for Houston and Texas real estate. If you own property that you are thinking of selling I would be happy to provide you with a FREE Home Evaluation. If you are buyer, in this competitive real estate market, timing is everything. Many good homes are sold before...
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