Mortgage Applications Increase for Third Week in a Row

The Mortgage Bankers Association (MBA) reported last Wednesday that mortgage applications for the week ending November 4th increased by 10.3% from the week before. Prior to that, the MBA’s Weekly Mortgage Applications Survey showed that mortgage application volume increased by 0.2% for the week ending October 28th and 4.9% for the week ending October 21st.  While the last three weeks have shown gradual increases, last Wednesday’s data shows that the average contract interest rates for 30 and 15 year fixed-rate mortgages have decreased to 4.22% and 3.54% respectively.

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