Purchase loan applications jump

Applications for purchase loans bounced up a seasonally adjusted 6 percent for the week ending Nov. 15 compared to a week earlier but were down 3 percent on an annual basis, according to the latest Mortgage Bankers Association’s Weekly Mortgage Applications Survey.

Meanwhile, refinance applications decreased 7 percent last week.

The increase in purchase loan applications came as the average rate for a 30-year fixed-rate mortgage with a balance of $417,000 or less rose to 4.46 percent from 4.44 percent a week earlier.

Source: MBA