U.S. home purchase mortgages buoy applications -MBA

NEW YORK, Nov 24 (BestGrowthStock) – U.S. mortgage applications for
home purchases rose to their highest level in more than six
months last week, buoying activity otherwise weighed down by
waning refinancing, an industry group reported on Wednesday.

The Mortgage Bankers Association’s seasonally adjusted
purchase applications index (USMGPI=ECI: ) jumped 14.4 percent to
205.0 in the week ended Nov. 19, the highest since the week
ending May 7, the MBA said on Wednesday. The refinancing index
(USMGR=ECI: ) slumped 1 percent to 3,793.6.

The composite index (USMGM=ECI: ), which includes loans for
home purchases and refinancings, increased 2.1 percent to
728.8, the MBA said.

“The increase in purchase applications last week aligns
with other incoming data suggesting that consumers are feeling
somewhat more confident with their financial situation,”
Michael Fratantoni, the MBA’s vice president of research and
economics, said in a statement.

Borrowing costs on 30-year fixed-rate mortgages rose to 4.5
percent from 4.46 percent in the week, the MBA said. The rate
last month reached 4.21 percent, the lowest level in the
survey, which has been conducted weekly since 1990.

Rates for fixed 15-year mortgages averaged 3.83 percent,
down from 3.87 percent in the previous week.

(Reporting by Al Yoon; Editing by Diane Craft)

U.S. home purchase mortgages buoy applications -MBA