Mortgage applications and refinance activity were on the upswing last week, according to data from the Mortgage Bankers Association's (MBA) weekly mortgage applications survey for the week ending Jan. 11.
The MBA's market composite index increased 15.2% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the index increased 45% compared with the previous week.Â
The refinance index increased 15% from the previous week. However, the refinance share of mortgage activity remained unchanged at 82% of total applications from the previous week.
The seasonally adjusted purchase index increased 13% from one week earlier to the highest level since April 2011. The unadjusted purchase index increased 47% compared with the previous week and was 5% higher than the same week one year ago.