Florida Mortgage Applications Up Despite Rising Rates
Even as mortgage rates reached 16-month highs, an national industry group’s figures show a drastic rise in demand to purchase homes last week. The Mortgage Bankers Association (MBA) said that its seasonally-adjusted mortgage application index increased 2.3 percent to 661.3 for the week ending November 4.
Borrowing costs on 30-year fixed-rate mortgage loans averaged 6.31 percent last week, up 0.10 percent from the previous week’s 6.21 percent and closing in on the highest average rate since June 2004, when the standard loan came in at 6.34 percent. The MBA’s seasonally adjusted purchase mortgage index rose 6.4 percent to 465.7, while its refinancing index fell 3.4 percent to 1,798.8.
Throughout the state, Florida mortgage rates hovered around the national average of 6.31 percent. Meanwhile, the Herald-Sun of North Carolina released a list of average rates in 10 of the country’s biggest metropolitan areas. The mortgage rates listed below are for 30-year, fixed-rate mortgages for 80 percent of the value of the house, plus points (a point is a one-time fee equaling one percent of mortgage).
- Boston — 6.31 + 0.11
- Chicago — 6.46 + 0.05
- Dallas — 6.42 + 0.40
- Detroit — 6.29 + 0.25
- Houston — 6.38 + 0.50
- Los Angeles — 6.42 + 0.46
- New York — 6.36 + 0.21
- Philadelphia — 6.25 + 0.32
- San Francisco — 6.48 + 0.20
- Washington, D.C. — 6.28 + 0.74
