Mortgage applications rise second week in a row

U.S. mortgage applications have increased for a second straight week in a row according to the Mortgage Bankers Association.

The MBA said its seasonally adjusted index of mortgage applications of both refinance and purchase mortgage loans, for the week ending October 12 increase 0.7 percent.  Mortgage applications were up 12 percent last week compared to their numbers a year ago.

Now since mortgage loan closings are at an eight year low, it leads Florida Home Loan to believe that closing ratios must be very low.

You can read more about mortgage applications rising for a second week in a row at CNBC.