Mortgage Activity Increases

Home mortgage applications in the United States increased last week. The  Mortgage Bankers Association’s seasonally adjusted index of mortgage application activity, an index including home purchase demand and refinancing, climbed 1.8% while the MBA’S seasonally adjusted refinancing application index also rose 2.8%. However, fixed 30-year mortgage rates dropped .05 points. The refinance share of surveyed mortgage activity remained the same. The survey covers more than 75% of U.S. retail residential mortgage applications. More here

Standard & Poor’s Case-Shiller Report Expects Prices To Rise

The Standard & Poor’s Case-Shiller 20-city index showed the largest price gain in approximately seven years increasing by 9.3% from this time last year. The report states that home prices are expected to continue to increase due to lower foreclosure rates, higher rent prices, affordability, and rising household formation. According to the report, price gain is subjective to certain locations depending on job growth in the area and elevated foreclosure rates. Zillow’s home-value index, which does not include foreclosures, showed home prices had jumped 5.1% from March 2012. More here