Mortgage applications rise 11.7%

A gauge of U.S. mortgage applications fell in the week ended Nov. 2 as borrowing. and recent data show cooling in sales in construction. The rise in borrowing costs comes as the Federal Reserve.

Mortgage applications rose 2.7% on a seasonally-adjusted basis from one week earlier, according to the Mortgage Bankers Association (MBA)’s most recent Weekly Mortgage Applications Survey for the week.

 · There was a decline in mortgage applications in the week ending June 14 as rates increased after their recent downward trend. The Mortgage Bankers Association’s Market Composite Index shows a 3.

Total mortgage application volume increased 2.7% compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. volume was 8% higher compared with the same week one year ago. Purchase applications drove the gains, rising 4% for the week and 5% annually.