Mortgage application activity rose 4.5% in the week ending Nov. 30, according to the Mortgage Bankers Association's weekly survey. The increase resulted from slightly lower mortgage rates as well as from some normalcy returning to activity following the Thanksgiving Day holiday in the prior week.
The increase in activity was largely driven by refinancing, as the Purchase Index was essentially flat at 206.5 compared with 206.3 a week earlier. By comparison, the Refi Index gained 6.1% to 4857 as refinancing share of total applications increased to 83% from 81%. The MBA also reported that HARP applications were up as a percentage of refinancing applicatins at 27% versus 26% in the previous report.