From RealTrends.com: The Mortgage Bankers Association (MBA) released its weekly report on mortgage applications this morning, noting a rise of 7% in the group’s seasonally adjusted composite index, following a rise of 15.2% for the previous week.The seasonally adjusted purchase applications index rose by 3% from the previous report. On an unadjusted basis, the composite index rose 9% week-over-week. Year-over-year the unadjusted purchase index is up 26%.
Though this week’s increases are smaller than last week’s, the upward trend continues. The historically low interest rates certainly have a lot to do with that, especially for folks looking to refinance existing mortgages. Applications for refinancing remained flat at 82% (seasonally adjusted).