Mortgage applications decreased 1% from one week earlier, according to data from the Mortgage Bankers Association's (MBA) weekly mortgage applications survey for the week ending Feb. 10.
The MBA's market composite index decreased 1% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the index was essentially unchanged compared with the previous week. The refinance index increased 0.8% from the previous week to its highest level since Aug. 8, 2011.
The seasonally adjusted purchase index decreased 8.4% from one week earlier, while the unadjusted purchase index decreased 3.3% compared with the previous week and was 7.6% lower than the same week one year ago.
The refinance share of mortgage activity increased to 81.1% of total applications from 80.5% the previous week. This is the highest refinance share since Jan. 20. The adjustable-rate mortgage share of activity decreased to 5.4% from 6% of total applications from the previous week.
The average loan size in the U.S. in January was $226,000. Average loan size has been increasing in recent months, up from $225,000 in December 2011 and up from $207,000 in January 2011. The District of Columbia has the highest average loan size in the nation, at $375,000, while Indiana had the lowest average loan size at $143,000.
Across the country, the average loan size was $217,000 for home purchase applications and $228,000 for refinances in January.