Mortgage applications increased 7.5% from one week earlier, according to data from the Mortgage Bankers Association's (MBA) weekly mortgage applications survey for the week ending Feb. 3.
The MBA's market composite index increased 7.5% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the index increased 8.7% compared with the previous week.
The MBA's refinance index increased 9.4% from the previous week. The seasonally adjusted purchase index increased 0.1% and the unadjusted purchase index increased 6% compared with the previous week – it was 4.1% lower than the same week one year ago.
The refinance share of mortgage activity increased to 80.5% of total applications from 80% the previous week. The adjustable-rate mortgage share of activity increased to 6% from 5.6% of total applications.
During the month of January, the investor share of applications for home purchase was at 6.4%, a decrease from 6.9% in December. The MBA attributes this change to a decline in the West and East North Central regions. In addition, the share of purchase mortgages for second homes increased to 5.9% in January from 5.4% in December.