Mortgage applications increased 11.7% from one week earlier, according to data from the Mortgage Bankers Association's (MBA) weekly mortgage applications survey for the week ending Jan. 4. The results include an adjustment to account for the New Year's Day holiday.
The MBA's market composite index increased 11.7% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the index increased 49% compared with the previous week.Â
The refinance index increased 12% from the previous week and is up less than 1% from two weeks ago, the week prior to the holidays. The refinance share of mortgage activity remained constant at 82% of total applications from the previous week.
The seasonally adjusted purchase index increased 10% from one week earlier. The unadjusted purchase index increased 49% compared with the previous week and was 8% lower than the same week one year ago.