Mortgage Applications Up 21% from Last Week: MBA

Mortgage applications increased 21.3% on a seasonally adjusted basis for the week ending Jan. 8 compared to a week earlier, according to the Mortgage Bankers Association.

The MBA's Market Composite Index, which measures mortgage loan application volume, increased 76% on an unadjusted basis from last week.

Refinance application volume was up 24% from the previous week. Purchase apps rose 18% on a seasonally adjusted basis and 74% on an unadjusted basis. Compared with the same week last year on an unadjusted basis, purchase app activity increased by 19%.

Refinancings as a share of all mortgage activity lifted to 55.8% of total applications from 55.4% in the previous week.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) fell eight basis points to 4.12%. The 30-year jumbo ($417,000 or greater) fixed-rate mortgage dropped seven basis points to 4.02%.