Mortgage applications surged 8.3% from last week, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending January 5, 2017.
On an unadjusted basis, the index increased a full 46% from last week.
The Refinance Index increased 11% from two weeks ago. The Purchase Index also increased, rising 5% from two weeks ago.
The refinance share of mortgage activity increased to 52.9% of total applications, up from 52% the week before.
The adjustable-rate mortgage share of activity decreased to 5% of total applications, down from 5.3% last week.
The Federal Housing Administration’s share of applications increased from 10.8% last week to 11.1% this week, and the Veterans Affairs' share of applications remained unchanged at 11.4%.
The Department of Agriculture’s share of total applications decreased from last week’s 0.8% to 0.7%.
The MBA reported mortgage interest rates for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) increased from last week’s 4.22% to 4.23%.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $424,100) increased to 4.16% from 4.14% last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 4.16%, down from last week’s 4.17%.
The average contract interest rate for 15-year fixed-rate mortgages increased to 3.66% from 3.64%.
Lastly, the average contract interest rate for 5/1 ARMs decreased to 3.5%, down from 3.53%.
