Mortgage applications climb, as rates hold steady

The number of mortgage applications for the week ending January 18, 2013 increased 7 percent on a seasonally adjusted basis from the week ending January 11, 2013, the Mortgage Bankers Association announced today.

The Refinance Index increased 8 percent from the previous week on a seasonally adjusted and unadjusted basis. The seasonally adjusted Purchase Index increased 13 percent from one week earlier to the highest level since April 2011. Unadjusted, the Purchase Index increased 3 percent to its highest level since May of 2010, immediately following the expiration of the homebuyer tax credit.

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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 4 percent of total applications.

Interest rates for 30-year fixed-rate loans with conforming balances increased to 3.62 percent from 3.61 percent. However, jumbo loan rates decreased to 3.85 percent from 3.88 percent. Rates for Federal Housing Administration-backed 30-year fixed-rate loans increased to 3.40 percent from 3.39 percent — an effective decrease from last week — and 15-year fixed-rate mortgages decreased to 2.87 percent from 2.88 percent — an effective increase. —Christopher Cameron

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