Mortgage applications up for second straight week, interest rates rise slightly

The number of mortgage applications for the week ending January 11, 2013 increased 15.2 percent on a seasonally adjusted basis from the week ending January 4, 2013, the Mortgage Bankers Association announced today.

The Refinance Index increased 15 percent from the previous week. The seasonally adjusted Purchase Index increased 13 percent from one week earlier to the highest level since April 2011. Unadjusted, the Purchase Index increased 47 percent compared with the previous week and was 5 percent higher than the same week one year ago.

The share of refinancing activity remained constant at 82 percent of total applications. The adjustable-rate mortgage share of activity also held steady from last week at 3 percent of total applications.

Interest rates for 30-year fixed-rate loans with conforming balances remained fixed at 3.61 percent from the previous week. Jumbo loan rates increased to 3.88 percent from 3.78 percent. Rates for Federal Housing Administration-backed 30-year fixed-rate loans increased to 3.39 percent from 3.35 percent and 15-year fixed-rate mortgages did not move from the previous week’s rate of 2.88 percent. —Christopher Cameron