Weekly mortgage applications up

Mortgage application submissions were up week-over-week.According to the Mortgage Bankers Association's most recent data, the number of mortgage applications submitted during the week of May 13 increased.The MBA Market Composite Index showed a 7.8 percent week-over-week increase. Unadjusted for the season, the jump was 7.1 percent from the previous week. The Refinance Index also showed improvement, increasing 13.2 percent week-over-week to reach its highest level since December 10, 2010.The MBA Purchase Index, however, declined, falling 3.3 percent from the previous week and 1.7 percent year-over-year.”The 30-year fixed mortgage rate is now 53 basis points below its 2011 peak, and has decreased for five straight weeks,” said MBA vice president of research Michael Fratantoni. “Over this five-week span, the refinance index has increased by about 33 percent. Refinance application volumes remain about 50 percent below the most recent peak last October.”Regarding four-week averages, both the Market and Refinance Indices improved, growing by 3.6 and 7.2 percent, respectively. The Purchase's four-week average fell, declining by 7.2 percent.With more mortgage applications being submitted nationally and an increased number of jobs available since February, the Houston real estate market could soon see significant gains.Courtesy of 2M Realty News?

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