Housing Market Data - Week Ending November 6th, 2009

Week Ended Nov. 6th

Applications Fall

The Mortgage Bankers Association’s index of applications to buy a house dropped 12 percent in the week ended Nov. 6 to 220.9, the lowest level since Dec. 2000. The group’s refinancing gauge rose 11 percent as interest rates decreased, pushing the overall index up 3.2 percent.

Rates Fall

The average rate on a 30-year fixed-rate loan fell to 4.90 percent last week from 4.97 percent two weeks ago. The rate reached 4.61 percent at the end of March, the lowest level since the group’s records began in 1990.

The average rate on a 15-year fixed mortgage decreased to 4.33 percent from 4.34 percent the prior week. The rate on a one-year adjustable mortgage increased to 6.85 percent from 6.83 percent.

Sales of New & Existing Homes Increases

Combined sales of new and existing homes were up 24 percent in September from the lowest level in at least a decade in January.

The Washington-based Mortgage Bankers Association’s loan survey, compiled every week, covers about half of all U.S. retail residential mortgage originations.

Source: Bloomberg.com