Mortgage applications up last week: MBA Wed Nov 9, 2005 7:01 AM ET
NEW YORK (Reuters) - U.S. mortgage applications increased last week, driven by a brisk rise in demand for loans to purchase homes even as interest rates rose to 16-month highs, an industry group's figures showed on Wednesday.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity for the week ended November 4 increased 2.3 percent to 661.3.
Borrowing costs on 30-year fixed-rate mortgages, excluding fees, averaged 6.31 percent last week, up 0.10 percentage point from the previous week's 6.21 percent. It was was highest level since the week ended June 11, 2004 when the rate reached 6.34 percent.
The MBA's seasonally adjusted purchase mortgage index rose 6.4 percent to 465.7. The index is considered a timely gauge on U.S. home sales.
The group's seasonally adjusted index of refinancing applications dropped 3.4 percent to 1,798.8.
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