MBA: Mortgage Application Volume Moved Upward New Year’s Week

Mortgage application volume increased an impressive 8.3% on an adjusted basis during the week ended Jan. 5, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.

The index, which was adjusted to account for New Year’s, shows that applications for refinances increased 11% compared with the previous week, while applications for purchases increased 5%.

Results for the previous week ended Dec. 29 were revised, the MBA reports.

On an unadjusted basis, the index increased 46% compared with the previous week. Applications for purchases increased 44% on an unadjusted basis compared with the previous week and were 1% lower compared with the same week one year earlier.

The refinance share of mortgage activity increased to 52.9% of total applications.

The adjustable-rate mortgage (ARM) share of activity decreased to 5% of total applications.

The average rate for a conforming ($453,100 or less), 30-year, fixed-rate mortgage, based on contract signings, was 4.23%, up from 4.22%.


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