Mortgage applications revved up for the week ending Nov. 5, rising 5.5%, according to the Mortgage Bankers Association weekly survey published on Wednesday.
The increase was mainly driven by the refi index growing by 7% from the previous week, though it was 28% lower than the same week one year ago, the report said.
Concurrently, the purchase index grew by 3% from the week prior.
Joel Kan, associate vice president of economic and industry forecasting, remarked in a statement that the decrease in mortgage rates, pushed the refi and purchase index upwards.
“The 30-year fixed rate decreased to 3.16% details ⇒
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