According to Business Week mortgage applications are actually on the rise, a pleasant surprise from the trend that’s been occurring and the predicted numbers.

Refinancing increased by 4.7% while purchase volumes were up by 2.8%. What does this mean to you and should you even care? And should you start to feel warm and fuzzy that the worst is over and the economy, especially the housing market is about to bounce back.

Not so fast. Although the fact that numbers are up slightly is certainly a good sign, it doesn’t mean things are returning to normal. Part of the problem is that there are too many people owning homes that can’t afford to make the payments thanks to interest increases. Until all of those foreclosures filter through and the market returns to a more normal state of supply and demand, there’s still going to be uncertainties.

For those in the market to buy a home, now is definitely the time you are likely to find some great buys. Get your financing in place and then keep an eye on the foreclosures that are coming up for sale or auction. You can actually walk into a home with a low mortgage and potential for significant equity and/or profit in a relatively short period of time.

If you’re hoping to sell your home the best advice is if you aren’t in a position that you need to sell it right now, you should consider hanging on a little longer. At least if you want to get the most out of your home’s selling price. If you’re selling now you’re going to have to be resigned to the fact that your price is going to have to lower to be competitive on the market.