The number of new mortgage applications has bounced back after a lull caused by the storm called Sandy, according to the Mortgage Bankers Association, which conducts a weekly survey of U.S. retail residential mortgage applications.
For the week ending November 9, the number of mortgage applications was up 12.6 percent over the previous week, according to a statement released Wednesday by the association. In comparison, the week ending November 2 — right after Sandy blew through — mortgage applications were down 5 percent from the prior week, the last full week of October.
“Following the decrease in applications two weeks ago due to the effects of superstorm Sandy, mortgage applications in many East Coast states rebounded strongly this week,” said Mike Fratantoni, the association’s vice president of research and economics. “Application volume in New Jersey more than doubled over the week, while volume in Connecticut and New York increased more than 60 percent.”
“In addition to the rebound in the states impacted by the storm, the 30-year fixed mortgage rate reached a new record low in the survey,” he said.
The average interest rate for 30-year fixed-rate mortgages for all but the largest loans was 3.52 percent, down from 3.61 percent one week earlier. The survey, which has been conducted since 1990, had a previous low of 3.53 percent — the average for the week ending September 28.
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