The housing market could be showing signs of change as mortgage applications rose for the third consecutive week, according to new data released from the Mortgage Bankers Association .Applications for mortgages climbed by 6.3 percent on a seasonally adjusted basis for the week ending November 22, the association said Wednesday. Last week, applications surged by 1.7 percent following a 0.5 percent boost the week before.
Freddie Mac's most recent Primary Mortgage Market Survey also found the average 30-year fixed-mortgage rate declined to 6.81 percent compared to last week's 6.84 percent.'There have been many barriers for home buyers in terms of entering the market, with one being that monthly mortgage payments on some properties are actually higher than rents in some major U.S. cities,' Beene told Newsweek.