NEWS: Mortgage Applications Increase in Mid-May Across the U.S.

Apparently this high demand for housing just continues to rise, statistic findings showing another peak during this month.

As a recent article in the World Property Journal shows, The Market Composite Index, a measure of mortgage loan application volume, increased 2.0 percent

"The increase in mortgage applications last week was driven by a strong gain in application activity for conventional and government purchase loans, even as mortgage rates rose to their highest level - 5.53 percent - since 2009. Despite a slow start to this year's spring home buying season, prospective buyers are showing some resiliency to higher rates. Purchase activity has now increased for two straight weeks," said Joel Kan, MBA's Associate Vice President of Economic and Industry Forecasting.

As the interest rates started to rise, more and more people started opting for whatever method could benefit them such as ARMs.

"More borrowers continue to utilize ARMs to combat higher rates. The share of ARMs increased to 11 percent of overall loans and to 19 percent by dollar volume." Added Kan, "The rapid rise in mortgage rates continues to hit the refinance market, with activity 70 percent below a year ago. Most homeowners refinanced to lower rates in the past two years."

Despite he interest rates continuous rise and the real estate market becoming a fierce competition, the numbers show that the numbers of applications just continues to increase.