The number of mortgage applications filed by Americans over the past week increased, prolonging a whipsaw back-and-forth trend that continues to seesaw amid a relatively steady yet still uncertain economic recovery.
Mortgage applications “increased 2.8 percent on a seasonally adjusted basis from one week earlier,” the Mortgage Bankers Association said in its weekly report on the subject.
The increase comes after a decrease the week prior, which itself followed an increase the week before that, in a cycle that has persisted for weeks.
“Mortgage applications rebounded last week, including an increase in purchase applications for the first time in nearly a month,” MBA Associate Vice President of Economic and Industry Forecasting Joel Kan said.
“The higher level of purchase activity last week was driven by more government purchase applications, including a 3.3 percent increase in FHA loans,” Kan added.
“With low for-sale inventory keeping home-price appreciation in many markets at record highs, the jump in FHA purchase applications is potentially a sign that more first-time buyers are finding purchase options despite the high prices.”