Apply Now
Secure Doc Upload
Freedom Legacy Lending Logo


Mortgage applications are on the rise

May 8th, 2019

After several weeks of declining applications, homebuyers bounced back into the market.

Mortgage applications increased 2.7% compared with the previous week, according to the Mortgage Bankers Association (MBA).

Purchase applications drove the gains. Applications to buy a home increased 5% from one week earlier based on the unadjusted Purchase Index and 5% higher than a year ago.

Mortgage rate movements were “mostly unchanged,” according to the MBA’s survey. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($484,350 or less) slightly decreased 0.01% from last week.   

“We saw a good week for the spring homebuying season as a 5 percent increase in purchase applications – both weekly and year-over-year – drove the results,” said Joel Kan, the MBA’s associate vice president of economic and industry forecasting.