Purchase applications still lagging

Applications for purchase loans dropped a seasonally adjusted 1 percent for the week ending Nov. 8 compared to a week earlier, and were down 6 percent from a year ago, according to the Mortgage Bankers Association’s latest Weekly Mortgage Applications Survey. Applications for refinancings were down 2 percent from the previous week.

The MBA’s survey showed interest rates climbing to their highest level in a month, with the average rate for a 30-year fixed-rate mortgage with a balance of $417,000 or less rising to 4.44 percent from 4.32 percent a week earlier. Source: mbaa.org.