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The most recent Weekly Survey on Mortgage Application Activity released by the Mortgage Bankers Association brings back some positive light after showing declines for the third week of October. Looking at over 50% of all US residential mortgage applications, the MBA reports that demand for new mortgages increased 8.2% in the last week of October while average 30-yr fixed rates fell to 4.97%. The week before application activity had fallen 12.3% even though rates dropped that week as well.

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The Tax Credit extension was officially signed into law over the weekend.   With over 36% of all home sales in 2009 involving the tax credit, proponents assume that the extension will continue to drive home sales.   Realtor® Magazine went as far as to estimate that the extension will drive another billion into the economy.  Over 2 million people have used the tax credit so far.