Mortgage application volume increased last week with both purchase and refinance applications posting double-digit gains according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 10th, 2014.

The Market Composite Index, which measures mortgage loan application volume including purchase applications and refinance applications, increased 11.9 percent last week after increasing by 2.6 percent the previous week.

On an unadjusted basis, mortgage loan application volume increased by 61 percent from the previous week which included the New Year’s holiday.

The adjusted Index from the previous week included an adjustment for the New Year’s holiday.

Purchase Applications:

The seasonally adjusted Purchase Index increased by 12 percent after posting a one percent decline the week before. The unadjusted Purchase Index was 66 percent higher than the previous week which included the New Year’s holiday but was still ten percent lower than at the same time a year ago.

Applications to purchase homes have been at or lower than the previous year’s levels for the past fifteen weeks.

Refinance Applications:

The Refinance Index increased by 11 percent from the previous week after posting a five percent increase the week before. The refinance share of mortgage activity fell from 63 percent of total applications the previous week to 62 percent last week.

Mortgage Interest Rates:
 

 
The adjustable-rate mortgage (ARM) share of activity remained at about eight percent of total applications.

Tags: MBA, home purchase applications, mortgage rates, fixed rate mortgage, adjustable rate mortgage, refinance, interest rate, FHA mortgage rates

Source:
Mortgage Bankers Association

Reported by Chris Moore