Mortgage Applications Rose Last Week

Mortgage applications rose six percent last week from the previous week, according to the Mortgage Bankers Association, possibly pointing to a home-buying recovery.

Meanwhile, purchase volume dropped 1.5 percent year over year, a major recovery from six weeks ago, when it was down 35 percent.

“Applications for home purchases continue to recover from April’s sizable drop and have now increased for five consecutive weeks,” said Joel Kan, an MBA economist.