The Mortgage Bankers Association (MBA) issued their latest weekly report, which showed a 4.7 percent increase in overall mortgage applications. This is a 4 percent increase from last week’s released report on an adjusted basis. Couple with this, unadjusted figures saw a 7 percent increase week-over-week.

The MBA also keeps a refinance index, which saw a 10 percent increase, and refinancing completions rose by 64 percent. Out of all of these new applications, 7 percent were for adjustable rate mortgages, which is down from percent from last week. This month saw the largest decrease in the average mortgage loan rate, which went down from 4.66 percent to 4.58 percent – the newest low since November 2013. Fifteen-year fixed-rate mortgages saw interest rates dip from 3.72 percent to 3.68 percent.

These interest rate decreases are of particular interest, since rates were rising from November 2013 into the New Year. However, the announcement made by the U.S. Federal Reserve to restrict an $85 billion per month bond-buying program they initiated played a major role in mortgage application lows. This change can only be a good sign for the housing market, and should build some momentum for the spring season.

Source: http://finance.yahoo.com/news/mortgage-applications-continue-rise-rates-154050646.html

The U.S. has been plagued with a foreclosure crisis for some time, but signs are surfacing that this period in the country’s history will soon be over for the time being.

A foreclosure is a shell term that includes default notices, auctions, and bank repossessions – all of these declined by 15% in November 2013. The total number of foreclosures for this month reached 113,454 properties. Total filings saw a 37% decline from 2012.

With the economy’s health improving steadily, and the FHA’s recent announcement of a shift in strategy to aid more homeowners in obtaining affordable mortgages, homeowners are now more optimistic. This renewed optimism is quelling foreclosures, partly because home prices are on the rise and owners are decided to keep their homes for the long run. Currently, markets where foreclosures are still relatively high include Florida, Delaware, Maryland, and South Carolina.

Source: http://money.cnn.com/2013/12/12/real_estate/foreclosure-low/index.html