MBA: Mortgage applications rise

he number of people taking out new home loans and refinancing existing ones rose during the week ended Nov. 6.

The Mortgage Bankers Association’s Market Composite Index, a measure of mortgage loan application volume, increased 3.2 percent on a seasonally adjusted basis from a week earlier.

The Refinance Index increased 11.3 percent from the previous week.

The refinance share of mortgage activity increased to 71.5 percent of total applications from 66.1 percent the previous week, the highest share since May.

The average interest rate for 30-year, fixed-rate mortgages decreased to 4.9 percent from 4.97 percent, with points increasing to 1.03 from 1. The average interest rate for 15-year, fixed-rate mortgages remained unchanged, at 4.33 percent, with points decreasing to 1.15 from 1.33.

The average interest rate for one-year ARMs increased to 6.85 percent from 6.83 percent.