Purchase loan applications inch up

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Applications for purchase loans increased a seasonally adjusted 1 percent for the week ending Dec. 6  compared to a week earlier but were down 10 percent on an annual basis, according to the latest Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.

During the same period, refinance applications increased 2 percent.

The slight rise in mortgage applications came as interest rates climbed to their highest level since September, with the average rate for a 30-year fixed-rate mortgage with a balance of $417,000 or less rising to 4.61 percent, up from 4.51 percent a week earlier.

Source: MBA