Mortgage applications see sizable rise in early-April
Posted on Wednesday, April 10, 2013 at 5:11:48 PM
Consumers may have been feeling more confident in their abilities to afford property last week, as a significant increase in residential lending applications was recently exhibited.
According to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending April 5, a seasonally adjusted increase of 4.5 percent was recorded in the total mortgage loan application volume. On an unadjusted basis, the Market Composite Index rose 5 percent.
The organization's Purchase Index reportedly fell by 1 percent on both adjusted and unadjusted bases. The Refinance Index improved 6 percent over the previous week, with the the refinance share of mortgage activity moving up 1 percent to total 75 percent of all applications.
Real estate experts announce positive projections for coming year
The National Association of Realtors reported in its latest 2013 Economic and Housing Outlook that the remainder of 2013 could possibly see further gains in housing starts, job creation and gross domestic product.
Following the improvement seen in recent existing-home sales, NAR estimated transaction rates will continue to rise by about 7 percent, to total around 5 million sales by year's end. In addition, an increase in national median existing-home prices is also projected for the coming months.
Consumers interested in pursuing the path to homeownership may benefit considerably by researching residential financing opportunities with Home Loan Investment Bank.