WASHINGTON–Mortgage applications were trending positive again for the week ending Nov. 10.
According to The Mortgage Bankers Association’s Weekly Mortgage Applications Survey, applications were up 3.1% on a seasonally adjusted basis compared to the previous week. On an unadjusted basis, that number would be 2% week-over-week.
The increase in applications comes even though average rates on the 15-year fixed-rate mortgage and the 5/1 ARM were both up in the latest MBA data. The MBA said the 15-year average increased to 3.54% from 3.51%, while the 5/1 rose to an average 3.41% from 3.33% one week earlier.
The average contract interest rate for 30-year fixed-rate remained flat at 4.05%, according to the MBA.