Mortgage Applications at a one year high

Demand for mortgage loans is at a one year high, as U.S. mortgage applications rose last week according to the Mortgage Bankers Association.

The MBA said its seasonally adjusted index of mortgage applications, including both purchase and refinance loans, increased 5.5 percent for the week ending on November 9th.

Experts claim these numbers as skewed as tightened lending standards have led many potentials borrowers to fill out multiple applications after rejection

Despite mortgage applications being down last week, overall mortgage applications last week were 9.2 percent above their level during the same week last year.  The four-week average, which smooths out the volatility of the weekly average, also rose 1.9 percent.

You can read more about mortgage applications at a one year high at CNBC.