Mortgage applications see big rise

NEW YORK (CNNMoney.com) -- U.S. mortgage applications rose last week as interest rates came in mixed, an industry trade group's data showed Wednesday.

The Mortgage Bankers Association said its seasonally adjusted index of requests for home loans for the week ended Nov. 3 rose 8.8 percent to 620.9, from 570.8 one week earlier.

Borrowing costs on 30-year fixed-rate mortgages, excluding fees, remained unchanged at 6.24 percent.

The MBA's seasonally adjusted purchase mortgage index increased by 7.1 percent to 402.2 from 375.6 one week earlier. The purchase index is considered a timely gauge of U.S. home sales.

The group's seasonally adjusted index of refinancing applications increased by 11 percent to 1897.9 from 1709.2 the previous week.

Fixed 15-year mortgage rates increased to 5.96 percent from 5.94 percent the previous week. Rates on one-year adjustable-rate mortgages (ARMs) decreased to 5.89 percent from 5.93.

The ARM share of activity rose to 26.4 percent of total applications from 25.9 percent the previous week.

The MBA's survey covers about 50 percent of all U.S. retail residential mortgage loans. Respondents include mortgage bankers, commercial banks and thrifts.

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