MORTGAGE UPDATE - FROM JOEL FUNSTON @ SUPREME LENDING

After weeks of mortgage market weakness, loan applications finally rose last week, led by a surge in applications to purchase a home.Total mortgage application volume rose 5.3 percent week-to-week on a seasonally-adjusted basis, according to the Mortgage Bankers Association. Refinance applications were up just 2 percent, but purchase applications jumped 9 percent to their highest level since January.Read MoreHome buyers want new, but won't pay for it"A sizeable increase in purchase applications last week likely reflected the impact of somewhat lower mortgage rates as well as continued growth in the job market, as confirmed by Friday's employment report from the BLS (Bureau of Labor Statistics)," noted Mike Fratantoni, MBA's Chief Economist. "Despite the strong increase in the purchase market last week, volume continues to run 16 percent behind last year's pace."Read MoreHomeownership falls to 19-year lowPurchase applications also moved into the lead for the first time since 2009, representing 51 percent of total mortgage applications. Refinances had been booming just a year ago, when mortgage rates were at record lows. They accounted for as much as 80 percent of total applications at one time, but since the jump in rates last June, the refinance market has come crashing down.


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Dated: May 7th 2014
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