Mortgage applications increased 4.1% from last week, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending January 12, 2017.
On an unadjusted basis, the index increased a full 32% from last week.
The Refinance Index increased 4% from the previous week. The Purchase Index also increased, rising 3% from last week.
The refinance share of mortgage activity decreased to 52.2% of total applications, down from 52.9% the week before.
The adjustable-rate mortgage share of activity increased to 5.2% of total applications, up from 5% last week.
The Federal Housing Administration’s share of applications increased from 11.1% last week to 11.7% this week, but the Veterans Affairs' share of applications decreased to 10.7%, down from 11.4% last week.
The Department of Agriculture’s share of total applications increased from last week’s 0.7% to 0.8%.
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 4.23% to 4.33%, the highest level since March.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $424,100) increased to 4.25% from 4.16% 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 3.77% from 3.66%, the highest level since January 2014.
Lastly, the average contract interest rate for 5/1 ARMs increased to 3.62%, up from 3.5% and the highest level since April 2011.
