Recent mortgage records show home loan applications jumped during the early part of November, and much of this development was due to the low levels recorded the previous week because of Hurricane Sandy.
The Mortgage Bankers Association's Weekly Mortgage Applications Survey showed that during the week ending November 9, the Market Composite Index improved 12.6 percent from the previous week. Additionally, the Purchase Index rose 11 percent, while the Refinance Index jumped 13 percent.
"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, vice president of research and economics for MBA. "Application volume in New Jersey more than doubled over the week, while volume in Connecticut and New York increased more than 60 percent."
Refinance applications were more prevalent during the week, as its share of mortgage activity inched up to 81 percent, from the previous week's 80 percent.
Many consumers looking to purchase homes may be interested because of the improving home prices. Real estate records from Trulia showed October experienced an asking price increase of nearly 3 percent compared to the same month in 2011.