Mortgage Applications Rise, Hinting at Housing Recovery

A bit of good news arrived with the latest mortgage applications survey. The Mortgage Composite Index, which includes applications for new purchases and refinances, rose 17.2 percent for the week ending March 4, according to the Mortgage Bankers Association. The increase was the biggest since last May and the largest of the year. Although the 30-year fixed-rate mortgage rate rose to 4.93 percent from 4.84 percent, the emerging spring home buying season and improved economic picture contributed to a surge in mortgage applications. While everything isn't exactly coming up roses, the shift in direction suggests a slow housing market recovery.