Highlights
The Mortgage Bankers Association's purchase index popped higher in the Nov. 9 week, up 4.8 percent to 432.6. The four-week average rose nearly one percentage point to 418.5, pointing like yesterday's pending home sales index to at least stability in the housing sector. The refinancing index rose 6.4 percent to 2,315.7 with refinancing making up a sizable 50.2 percent of all applications. Favorable interest rates combined with sluggish home sales are raising the proportion of refinancings relative to purchases. Interest rates were little changed in the week with the average 30-year mortgage rate at 6.19 percent.