Mortgage application volume reversed course this week after falling for two consecutive weeks, the MBA reported today.
The trade group’s home loan application index increased 8.6 percent on a seasonally adjusted basis for the week ending January 30 compared to one week earlier.
On an unadjusted basis, the index jumped 28.1 percent compared with the previous week and 26.9 percent compared with the same week a year ago.
The surge was led by a 15.8 percent increase in refinance applications, though double-digit declines could be seen across all other types of apps including FHA loans and purchases.
The refinance share of mortgage activity increased to 73.2 percent of total applications, up from 72.8 percent a week earlier, even as mortgage rates inched higher.
The standard 30-year fixed increased six basis points to 5.28 percent, while the 15-year fixed increased to 5.15 percent from 4.98 percent.
The one-year adjustable-rate mortgage jumped to 6.09 percent from 5.96 percent, pushing the ARM share of total activity to just 2.1 percent of total applications from 2.4 percent a week earlier.
The MBA’s survey covers roughly half of all retail residential loan applications, but does not take into account multiple or declined applications.
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