Mortgage applications rise for second straight week

08.27.09
By Timothy Jones

With recent data suggesting that Americans are getting better control over their credit card debt, it appears that they might also be in a better position to look for a home loan as figures show mortgage applications rose for the second straight week.

After weeks of up and down application numbers, figures from the Mortgage Bankers Association's Weekly Mortgage Applications Survey indicates that mortgage loan applications increased for the second week in a row.

According to the survey, applications for the week ending August 21 were up 7.5 percent on a seasonally adjusted basis over the previous week. This marks an unadjusted 6.3 percent rise over the week and a 34.1 percent increase year-to-year.

The same survey found that mortgage applications had risen 4.8 percent the previous week - a 25 percent increase over the same week in 2008.

However, for those looking to get into a new home the news wasn't all good as the rates for 15- and 30-year fixed-rate mortgages both rose last week.

Jim Gillespie, president and CEO of Coldwell Banker Real Estate told Reuters that while the housing market news is good, there is still the need to see an increase in move-up buyers - those who buy a larger home because of a lifestyle change.

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Figures indicate more people are looking to make home purchases