After increasing 4.1% the previous week, mortgage application volume increased 4.5% on an adjusted basis during the week ended Jan. 19, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.
This week’s results included an adjustment for the MLK Day holiday.
Applications for refinances increased 1%, while applications for purchases increased 6%.
Applications for purchases hit the highest level since April 2010, according to the MBA.
On an unadjusted basis, total volume decreased 4% compared with the previous week. Applications for purchases increased 2% on an unadjusted basis compared with the previous week and were 7% higher compared with the same week one year earlier.
The refinance share of mortgage activity decreased to 49.4% of total applications, down from 52.2% the previous week.
The adjustable-rate mortgage (ARM) share of activity remained unchanged at 5.2% of total applications.
The average rate for a 30-year fixed-rate mortgage, based on closings, was 4.36%, up from 4.33%.