Mortgage applications jump 15.2%

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Mortgage Apps.jpg [2]

Mortgage applications soared 15.2% during the second week of January as both home refinancing activity and home purchases picked up.

The Mortgage Bankers Association reported that refinancing applications increased 15%, while the seasonally adjusted purchase index climbed 13% from a week earlier [3].

Refinancing activity represented 82% of total loan applications, unchanged from the previous survey.

Mortgage rates remained either unchanged or ticked up during the period, with the 30-year conforming fixed-rate mortgage still hovering at 3.61%.

The 30-year, FRM with a jumbo loan balance edged up to 3.88% from 3.78%, while the average 30-year, FRM backed by the FHA increased to 3.39% from 3.35%.

In addition, the 15-year, FRM remained unchanged at 2.88%, while the average rate for the 5/1 ARM increased to 2.66% from 2.64%. 

kpanchuk@housingwire.com [4]