Mortgage Applications Rise (but Not Much)

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Consumers are requesting more loans as mortgage application costs decline. The Mortgage Bankers Association's mortgage application index rose 3.2 percent for the week ending Oct. 22.

Refinances logged a 3 percent increase, while purchase applications increased 3.9 percent. But a weekly uptick is hardly a sign that the nation's housing woes are coming to an end. The previous week saw the same index hit nearly its lowest level for the year. (Read on to see a full-size version of the chart.)

As long as unemployment stays well above 9 percent, it is unlikely that lenders will see a flood of new mortgage applications, insanely low rates notwithstanding.

For more insights on mortgages and refinancing see these AOL Real Estateguides:




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