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MBA: Mortgage application volume up 8.2 percent week-over-week

Mortgage application volume was up last week.

Mortgage application volume was up last week.

According to the Mortgage Bankers Association's most recent survey of mortgage applications, volume was up 8.2 percent for the week ending May 6.

The Market Composite Index, which totals the amount of application volume, discovered the seasonally adjusted increase. Unadjusted, the volume was up 8.3 percent week-over-week.

The Refinance Index also showed improvement, growing 9 percent from the previous week, and now sits at its highest level since March 18, 2011. The Purchase Index was up as well, increasing by a seasonally adjusted 6.7 percent and 7.1 percent unadjusted week-over-week.

"Rates dropped again last week as the Federal Reserve continued its QE2 asset purchase program. The 30-year fixed mortgage rate is now 46 basis points below its 2011 peak, and has decreased for four straight weeks by a total of 31 basis points," said Michael Fratantoni, MBA's vice president of research."

"Over this four-week span, the refinance index has increased by about 18 percent," Fratantoni continued. "Despite the recent increases however, refinance application volumes remain more than 50 percent below levels seen last fall."

The four-week averages for all three indices were up, with the Market growing 2.9 percent, the Refinance 4.3 percent and the Purchase 0.4 percent. The increases are a positive sign for those seeking relocation in the near future, as the market could see major improvements soon.