Number of Mortgage Apps Increase

The Mortgage Bankers Association's (MBA) most recently Weekly Mortgage Applications Survey has compiled data for the week ending March 1, 2013.  According to this information, the number of mortgage applications filed has increased by 14.8% compared to a week earlier. The volume of mortgage loan applications is determined by the Market Composite Index. It tallied the current data on a seasonally adjusted basis. On an unadjusted basis, the Index increased 15% compared to last week.

The number of refinance applications remains the same as last week, sitting at 77% of total applications.

These statistics are good for the mortgage industry. The increase of applications proves that more and more people are continuing to leap into the world of homeownership. This hints that the economy is recovering and jobs are stable.

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Increase in Purchase Applications

According to the Mortgage Banker's Association's Weekly Mortgage Applications Survey, the week ending January 18, 2013 brought about a 7% increase in mortgage applications. This is being counted on a seasonally adjusted basis. Unadjusted statistics show that the number of mortgage applications being filed increased by 8% from the previous week. Refinancing also increased by 8% for the week. This shows that the economy is recovering well despite the recent expiration of the homebuyer tax credit. The interest rates are still low, which is a huge benefit to those looking to purchase a home in the coming months. If you are among those people, give Quest Loans a call. We'll help you get the application process going! 888-883-5252.

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4.5% Drop in Mortgage Applications

According to the Mortgage Bankers Association's Weekly Mortgage Applications Survey for the week ending August 10, 2012, the number of mortgage applications has dropped by 4.5% just since the week before. Many lenders have been left puzzled over the sudden drop. According to the Market Composite Index which measures mortgage loan application volume, this decrease was based on seasonally adjusted figures. Had it been unadjusted, the decrease would have actually been closer to 4.7%. In this slowly re-stabilizing economy, we cannot afford to see statistical drops like this. Hopefully the number of loan applications submitted will rise again soon, which would indicate an improvement for the U.S. housing market.

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