Mortgage Activity Up, Rates Flat

Despite the Veteran's Day holiday, applications for mortgage loans rose by 4.3% last week, the Mortgage Bankers Association reported Wednesday.

The market composite index of mortgage loan applications -- a measure of the volume of loan applications -- was 758.3, up from 727.3 one week earlier. Purchase loan applications were down by 0.6% on a seasonally adjusted basis from the week before, while refinance applications increased by 10.6% during the same period.

The interest rate on an average contract for a 30-year, fixed-rate mortgage increased to 5.7% from 5.69% a week earlier, with points decreasing to 1.27 from 1.36 for 80% loan-to-value mortgages. ...