MBA: Mortgage application volume grows during most recent week

Mortgage application volume was up during the most recent week.According to the Mortgage Bankers Association's Weekly Mortgage Applications Survey, the total volume of mortgage activity was up for the week ending July 29.The Market Composite Index, which measures home loan application volume, increased 7.1 percent on a seasonally adjusted basis from the previous week. Unadjusted, the index was up 7 percent.The MBA's Refinance and Purchase Indices also increased during the week, growing 7.8 percent and 5.2 percent, respectively, both on a seasonally adjusted basis.”Factors such as negative equity and a weak job market continue to constrain borrowers,” said Michael Fratantoni, MBA’s vice president of Research and Economics. “Purchase activity increased off of a low base, returning to levels of one month ago, but remains weak by historical standards.”Fratantoni cited the falling interest rates for mortgages as a major reason for the increase refinance activity, however, he also relayed that the index is close to 30 percent below its level at this time last year.The Houston real estate market has experienced continues success recently, due in part to its steady job sector. With more residents employed and mortgage rates remaining low, the city's housing sector may continue to flourish.Courtesy of 2M Realty News?

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