NEW YORK - Applications for mortgages rose 22% nationwide in the week ended Dec. 4, the Mortgage Bankers Association said.
This is partly because many mortgage bankers had been closed for five days around the Thanksgiving holiday the preceding week, the MBA said. Lenders surveyed reported $1.54 billion in applications.
Of the applications, 38.2% were for refinancings. About 15.9% were for adjustable-rate mortgages and 4.5% for five- or seven-year balloon mortgages.
Average mortgage rates stayed at 8.6% for 30-year, fixed-rate loans and 5.7% for one-year, adjustable-rate credits.