After increasing 8.3% the previous week, total mortgage application volume increased 4.1% on an adjusted basis during the week ended Jan. 12, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.
Applications for refinances increased 4% while applications for purchases increased 3%.
On an unadjusted basis, total volume increased 32% compared with the previous week.
Applications for purchases increased 35% on an unadjusted basis and were 7% higher compared with the same week one year earlier.
The refinance share of mortgage activity decreased to 52.2% of applications.
The adjustable-rate mortgage share of activity increased to 5.2% of applications.
The average rate for a 30-year fixed-rate mortgage, based on contract signings, was 4.33%, up from 4.23%.