Mortgage Refis Down, Home Purchases Up

Fewer mortgage refinances are being initiated by homeowners -- and that may be a good thing. The overall mortgage application loan volume declined 16.5 percent for the week ending Nov. 26, according to the Mortgage Bankers Association. Included in that number are refis, which declined 21.6 percent.

Mortgage refis are now at their lowest level since June 2010. New-purchase mortgage applications rose 1.1 percent for the same period. The average 30-year fixed-rate mortgage rose to 4.56 percent, suggesting that homebuyers on the fence finally may be making a move for fear of missing out on historically low interest rates.