As foreclosure listings rose in many areas in the country for the week March 30 to April 3, mortgage loan applications also rose by 4.7 percent to 1,250 applications, according to the Mortgage Bankers Association. The figures included both home refinance and home purchase loans, with home purchase numbers higher than refinance loans aimed at foreclosure prevention.

MBA contended the increase in applications may help real estate analysts predict some trends in home foreclosure listings and in the housing market in the spring, even as mortgage rates moved up a little.

LendingTree.com’s chief economist Carmon Findlay said home loan applications at his firm kept on increasing over the past several weeks. He also cited the large numbers of borrowers with high FICO ratings and low loan-value ratios. FICO refers to borrowers’ credit scores, which indicate the level of risk the borrowers would default on their obligations to pay the mortgage lenders. FICO considers factors such as number of credit cards owned, number and dates of loans acquired, dates of missed payments, total outstanding loan balances and number and durations of delinquencies. Findlay said more responsible borrowers are recognizing opportunities in low mortgage rates.

Rates on fixed-rate 30-year mortgage loans have been hovering during the week around 4.73 percent, one of the lowest levels seen since rates started to be monitored and recorded in 1990. Mortgage rates were moving around 5.78 during the first months of 2008.

More borrowers are expected to ask around for lower-priced mortgage loans as they shop for homes in various types of foreclosure listings.

Housing analysts expect more homeowners to apply for refinancing as mortgage rates continue to remain in record low levels. Naturally, all borrowers want to reduce their monthly payments as they struggle from possibilities of job loss, financial difficulties and the adverse effects of soaring foreclosure listings.

The low mortgage rates not only increased loan refinancing applications; they also helped increased home purchases. More prospective homebuyers are beginning to act on their home buying plans as the interest rates go down, as home prices go down and as more and more foreclosure listings offer them possibilities of buying attractively-priced quality homes.

The nationwide housing market is submerged in its worst condition since the 1930s, battering the national economy, including the economies of other countries. Many economists believe that unless residential and commercial properties are prevented from flooding foreclosure listings, the housing market will not stabilize and that the economy will keep on declining.