MBA: Mortgage applications up week-over-week

Mortgage application volume was up last week.The Mortgage Bankers Association recently released its latest survey regarding mortgage applications, which found the overall volume increased by 8.2 percent week-over-week for the week ending May 6.The Market Composite Index, which totals the volume of mortgage loans, discovered the increase, which is seasonally adjusted. The unadjusted percentage was even greater, growing 8.3 percent week-over-week.The Refinance Index also showed improvement from the previous week, growing by 9 percent. The index now sits at its highest level in nearly two months, last reached the week of March 18, 2011.The Purchase Index increased as well, jumping by an adjusted 6.7 percent week-over-week and 7.1 percent unadjusted.”Rates dropped again last week as the Federal Reserve continued its QE2 asset purchase program,” said Michael Fratantoni, MBA's vice president of research. “The 30-year fixed mortgage rate is now 46 basis points below its 2011 peak, and has decreased for four straight weeks by a total of 31 basis points.”The four-week averages for the Market, Refinance and Purchase Indices were all up, growing by 2.9, 0.4 and 4.3 percent, respectively.The increased number of mortgage applications is a good sign that stability could be on the horizon for the real estate market. With home prices decreasing for Boston, Phoenix and Houston properties, among others, the market could see an increased swing upward soon.?Courtesy of 2M Realty News

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