Recently, as mortgage interest rates have begun creeping up, and as job loss concerns make some would-be buyers nervous, mortgage applications have dropped. Refinancing applications have also dropped as interest rates have been inching off their record lows. This week, though, with interest rates largely unchanged since last week, mortgage applications are on the rise again. CNN Money reports on the rate of increase for mortgage applications:

The group’s seasonally adjusted refinancing index rose 15.2% last week to 1,707.7, after a 30% plunge in the prior week.

Purchase applications, which lagged refinancing demand all through the spring home sales season, rose 6.7% last week to 285.6.

One of the things that is most likely to help the housing market and prevent foreclosure through refinancing is lower mortgage interest rates. As long as mortgage interest rates can remain relatively low, there is a good chance that mortgage applications will once again be on the rise.