Mortgage application activity rose 5.8% in the week ending Nov. 5, the Mortgage Bankers Association (MBA) reported.

Both refinancing and purchasing activity are increasing. The Refinance Index increased 6% to  around 4590 as the average contract rate for 30-year fixed rate mortgages held steady at 4.28% with points declining to 1.05 from 1.07 for an 80% LTV loan. As a percent of total activity, refinancing share increased to 81.7% from 81.3%.  

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