Refinance mortgage loans low interest rates

Mortgage loan applications rose last week, according to The Mortgage Bankers Association today in their Weekly Mortgage Applications Survey. For the week ending May 12, the Market Composite Index showed applications overall increased 4.6 percent on a seasonally adjusted basis from the previous week.

The Purchase Index and the Refinance Index both saw increases from the previous week, with purchases up 2.4 percent and refinances up 8.4 percent.

"Interest rates should start seeing some relief from rate hikes; that's great news on the purchase and refinance fronts," said Bob Walters, chief economist, Loans, the nation's largest online lender. "And, long-term rates are still in a historically low range with the jobs report holding steady. Combined, those factors should continue to help buoy a strong housing market."