According to a new survey released by the Mortgage Bankers Association, mortgage applications increased this week by 9.4%. The refinance index jumped 10% from the week prior, though rates are still 3% lower than two weeks ago. Refinances fell to 57.7% of applications; the lowest level observed since September 2013. Additionally, 30-year fixed-rate mortgage interest rate fell 0.04%, averaging 4.13% nationally, and the 15-year fixed rate mortgage interest rate also fell 0.04%, averaging 3.52% nationally. More here

Trulia has released new data stating that owning a home may be a cheaper option in many metropolitan areas than renting. According to the report, homeowners who stay in their homes for seven years will save approximately 38% when compared to those who rent. Jed Kolko, Trulia’s chief economist said, “even in these metros buying remains cheaper, thanks to mortgage rates that are still very low by historical standards.” A few of the metros mentioned are Chicago, Los Angeles, Dallas, Philadelphia, Washington, and Houston. More here

According to the most recent report from Equifax National Consumer Credit Trends, the amount of outstanding balances on bank and retail-issued cards, and home finances jumped for the third month in a row. Home finances increased by $8.59 trillion; bank issued cards grew by $555.4%, and retail issued cards experienced a $62.2 billion jump. Equifax chief economist, Amy Crews Cutts said, “home purchase transactions, in which first-time homebuyers take on entirely new mortgage debt and move-up buyers increase their existing mortgage debt, have finally overtaken foreclosures and accelerating pay-downs, resulting in increases home finance balances.” More here

According to Freddie Mac’s multifamily report, rent and vacancy rates will experience measurable growth throughout 2014 and will reach long-run historical levels. The report forecasts that cap rates will stay below 7% over the coming year, and interest rates will increase. As a result, this will promote higher property values. The executive vice president of Freddie Mac Multifamily, David Brickman said, “as the broader economy continues to grow, we expect the overall multifamily sector to remain strong in 2014. Revenue growth in the industry will continue to perform near or above historical averages, but at lower rates than the previous two years.” More here

According to a recent study, housing market recovery will experience uneven growth over the next five years. Data suggests that, by the year 2018, median home prices for single-family homes will average close to the peak that was achieved in 2006. Experts expect Tampa, Memphis, Jacksonville, St. Louis and Milwaukee to experience the largest gains in median priced single-family homes. Co-author of the report and chief research officer at the Demand Institute Louise Keely said, “the strength of the local housing market is among the most telling metrics that helps us assess community health and well-being.” More here

Recent data shows that sales for Lowe’s, a popular home improvement store, have increased over the last year. The store reported a net income of $306 million, in the fourth quarter of 2013, increasing 6.3% from the prior year. Store earnings are affected by home prices, employment, and home ownership. Although sales have grown over the last year, the store has expressed reserve over the coming months saying, “our Consumer Sentiment Survey suggests a continued willingness for consumers to invest in their homes, however, there has been a recent slowdown in both housing activity and jobs growth which makes us cautious.” Additionally, sales are expected to increase around 5%. More here

Home prices are increasing at a slower pace which many experts say is good for prospective buyers, as it keeps an increasing number of properties affordable longer. According to the S&P/Case-Shiller index, property values jumped 13.4 from the end of 2012 in 20 U.S. cities. The housing market is still well on its way to a full recovery according to economists. Michael Feroli, chief U.S. economist at JPMorgan Chase & Co said, “the housing recovery continues, but perhaps not as vigorously as it did in the first half of last year. Even so, appreciation trends still look pretty good even though they may not be as strong as they were.” More here

Mortgage rates increased this week with the 15-year fixed-rate mortgage rising .02%, Averaging 3.35%, and the 30-year fixed-rate mortgage increasing .05%, Averaging 4.33%. According to many experts, mortgage rates are expected to continue rising this year as the economy gains strength. Home prices and sales are expected to increase by approximately 5% over the coming months. Additionally, Home construction and homebuilder confidence fell this month due to severe winter weather that covered a large part of the U.S. More here

Reverse mortgages have become increasingly popular over the years helping many adults, age 62 and older, keep their homes. Columbia Business School professor and reverse mortgage expert, Christopher Mayer, explains why reverse mortgages can help many seniors through retirement debt-free. “You have $3 trillion in housing wealth among older Americans. You have large institutions exiting the market, and more and more elderly with housing debt coming out of the crisis as well as other kinds of debt,” Mayer said. The Federal Housing Administration instated new rules that limit equity borrowers from lump-sum withdrawal, allowing borrowers access to only 60 percent of their equity at closing or during the first year of the loan, protecting seniors from future debt problems. The new rules will also require reverse mortgage borrowers to provide information showing that they can afford to pay insurance and property taxes. Mayer was drawn to the reverse mortgage businesses after the rule changes saying, “those changes all make this a much more attractive business, and the product is a better product.” More here

According to the U.S. Census Bureau, Last month’s housing index decreased showing a 16% drop in home construction, while the National Association of Home Builders released data showing that builder confidence has also fallen. Supply and demand continue on a positive track according to certain experts. Sterne Agee chief economist, Lindsey Piegza said, “the decline was pretty evenly divided with single family starts down 15.9% from 681k to 573k, while multifamily starts fell 16.3% from 367k to 307k in January. On an annual basis, starts are off 7% for single family but remain in the black for multifamily units up 8.1%. Housing permits fell 5.4% in January from 991k to a 937k unit pace, up 2.4% on an annual basis. On a three-month average, permits slipped from 1016k to 982k.” More here