In a holiday-shortened week, mortgage loan application volume for the week ending November 11 held steady, according to the Mortgage Bankers Association, declining just 0.6% on a seasonally adjusted basis from one week earlier.

The Purchase Index increased 2.6% on a seasonally adjusted basis while the Refinance Index decreased 5.4% from one week earlier.

These numbers were additionally adjusted to account for Veteran's Day.

"Moderation of fuel prices and sturdier employment figures are driving the economy forward," says Bob Walters, Chief Economist of Loans, the nation's largest online lender. "Higher short-term interest rates are causing homeowners to distance themselves from the volatility of adjustable rate mortgages, preferring the sanctuary of a fixed rate program instead." Loans will close $17 billion in mortgage volume in calendar year 2005.

Publish Date: 11/16/2005