By Tara Steele of AGBeat
Mortgage applications are up this week, but continued economic uncertainty is making many nervous about the housing recovery.
Mortgage applications increase
According to the Mortgage Bankers Association (MBA), mortgage applications rose 1.3 percent last week, including both home purchase applications and refinance applications, seasonally adjusted. This follows a dip of 0.4 percent the week prior, and weeks of mostly decline in previous weeks as mortgage interest rates increase, slowing the pace of applications.
Last week’s activity boost was led primarily by refinance activity which rose 2.5 percent, a welcome sign after recently plummeting to the lowest level in over four years, now hitting its highest point since August, a marked improvement.