Mortgage applications rise on jump in home purchases

Mortgage applications in the U.S. rose last week for the first time in a month on the biggest gain in home purchases since March 2013.

The Mortgage Bankers Association's index advanced 4.9 percent in the period ended Nov. 14, which included the Veteran's Day holiday, after a 0.9 percent decrease the week before, data from the Washington-based group showed today.

The purchase applications measure jumped 11.7 percent, the third straight gain, while the refinancing gauge climbed 0.9 percent.

The average rate on a 30-year fixed mortgage eased to 4.18 percent last week from 4.19 percent. The rate on a 15-year fixed loan held at 3.38 percent for a third week.

The share of applicants seeking to refinance fell to a five-week low of 61.4 percent from 62.9 percent.

To contact the reporter on this story: Danielle Trubow in Washington at dtrubowbloomberg.net To contact the editors responsible for this story: Carlos Torres at ctorres2bloomberg.net Vince Golle