May 7th, 2014 1:09 PM by Leonard Silvestri
According to the Market Composite Index, mortgage activity has increased for the first time since early April. This marks the first majority purchase market since 2009. The increase in activity reflects the trend of lower mortgage rates and consistent growth of the job market. Read more about the exciting transition into a buyers' market.It officially became a buyers' market in mortgage applications during the week ended May 2. The Mortgage Bankers Association said that applications for home purchase mortgages dominated the market by a whisker as applications for refinancing made up less than half of all applications for the first time since 2009. Mortgage activity increased from the previous week, moving higher for the first time since early April. The Market Composite Index, a measure of application volume, increased 5.3 percent on a seasonally adjusted basis from the week ended April 25 and was up 6 percent on an unadjusted basis.