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.
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%.