Mortgage application volume increased 5.5 percent last week, according to the Mortgage Bankers Association’s weekly application survey.
The MBA’s mortgage application index rose to 707.3, from 670.6 the previous week.
The survey provides a snapshot of mortgage lending activity among mortgage bankers, commercial banks and thrifts. It covers about 50 percent of all residential retail mortgage originations each week.
Application volume rose during the week ending Nov. 9, despite small increases in interest rates. The average rate for traditional, 30-year, fixed-rate mortgages rose to 6.19 percent from 6.16 percent the previous week.
The average interest rate for one-year adjustable-rate mortgages increased to 5.98 percent from 5.94 percent the prior week.
Refinance volume increased 6.4 percent during the week, while purchase volume jumped 4.8 percent. Refinance volume accounted for 50.2 percent of total applications.
The index peaked at 1,856.7 during the week ending May 30, 2003, at the height of the housing boom.
An index value of 100 is equal to the application volume on March 16, 1990, the first week the MBA tracked application volume. A reading of 707.3 means mortgage application activity is 7.073 times higher than it was when the MBA began tracking the data.