Mortgage applications increased 5.3% for the week ending May 2, according to data released today by the Mortgage Bankers Association.

"It's official: we are in a majority purchase market for the first time since 2009," says MBA Chief Economist Mike Fratantoni in a press release. He attributes the jump in purchase applications to lower mortgage rates and job market growth, but notes the volume of applications is down 16% from last year.

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