Interests rates, applications up across the board

The number of mortgage applications for the week ending February 1, 2013 increased 3.4 percent on a seasonally adjusted basis from the previous week, the Mortgage Bankers Association announced today.

The Refinance Index increased 4 percent from the previous week. The seasonally adjusted Purchase Index increased 2 percent from one week earlier, reaching its highest level since the week ending May 7, 2010. Unadjusted, the Purchase Index increased 21 percent compared with the previous week and was 16 percent higher than the same week one year ago.

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The refinance share of mortgage activity also decreased to 78 percent of total applications from 79 percent the previous week and is the lowest refinance share MBA has observed since early July 2012. The adjustable-rate mortgage share of activity held at 4 percent of total applications.

Interest rates for 30-year fixed-rate loans with conforming balances, continuing an upward trend for seven of the last eight weeks, increased to 3.73 percent from 3.67 percent. Interest rates for jumbo loans also increased to 3.96 percent from 3.95 percent. Rates for Federal Housing Administration-backed 30-year fixed-rate loans increased to 3.53 percent from 3.48 percent, as did 15-year fixed-rate mortgages, which increased to 3 percent from 2.95 percent. —Christopher Cameron