Mortgage applications increased 4.5% from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending Jan. 6. The results include an adjustment to account for the New Year's Day holiday.
The MBA's market composite index increased 4.5% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the index increased 34.4% compared with the previous week.Â
The refinance index increased 3.3% from the previous week, while the seasonally adjusted purchase index increased 8.1% from one week earlier. However, the unadjusted purchase index increased 41.9% compared with the previous week but was 17.9% lower than the same week one year ago.
The refinance share of mortgage activity decreased to 80.8% of total applications from last week's survey high of 81.9%. The adjustable-rate mortgage share of activity increased to 5.4% from 4.7% of total applications from the previous week.