The mortgage markets have been on a bumpy ride the last five years; are the latest numbers from the Mortgage Bankers Association, though, a positive sign?

Mortgage applications rose 4.8 percent last week to their highest level since May 2010, according to the Mortgage Banker Association’s (MBA) latest Weekly Mortgage Applications Survey. Meanwhile, conventional mortgages hit their highest mark since 2009, refinancing activity remained quite strong and interest rates retained their historic lows.

Do any of those stats, though, point to a more inclusive mortgage marketplace? After all, the vast majority of mortgages (82 percent, in fact) still require credit scores of at least 700, and though a recent survey on lender sentiments tracked a big jump in lender confidence, the mortgage markets remain tricky for many consumers.

Ralph De Martino, the president of Ocean International Realty in Miami Beach, said that though most of his transactions are all-cash sales, he still warns all of his clients seeking a mortgage that the process will likely be a challenging one, particularly with condo buyers. And though he does see lending standards easing as the housing market recovers, he thinks it will be gradual.

“I see the situation improving – but not rapidly,” De Martino said, who is also an Master Brokers Forum member.

For a fuller look at the MBA’s latest mortgage survey, see our infographic below.