Mortgage applications up sharply after holidays; rates inch up
The number of mortgage applications for the week ending January 4, 2013 increased 11.7 percent on a seasonally adjusted basis from the week ending December 28, 2012, the Mortgage Bankers Association announced today.
The Refinance Index increased 12 percent from the previous week and is up less than 1 percent from two weeks ago, the week prior to the holidays. The seasonally adjusted Purchase Index increased 10 percent from last week but is still down 2 percent from two weeks ago, the week prior to the holidays. Unadjusted, the Purchase Index increased 49 percent, and was 8 percent lower than it was 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 increased to 3.61 percent from 3.52 percent. Jumbo loan rates increased to 3.78 percent from 3.75 percent. Rates for Federal Housing Administration-backed 30-year fixed-rate loans increased to 3.35 percent from 3.34 percent and 15-year fixed-rate mortgages increased to 2.88 percent from 2.86 percent. —Christopher Cameron