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

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

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