Mortgage applications and refinance activity rose again, according to the Mortgage Bankers Association's (MBA) weekly mortgage applications survey for the week ending Jan. 18.
The MBA's market composite index increased 7% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the index increased 8% compared with the previous week. The refinance index increased 8% from the previous week. The refinance share of mortgage activity was unchanged from the previous week, at 82% of total applications.Â
The seasonally adjusted purchase index increased 3% from one week earlier and was at its highest level since May 2010, immediately following the expiration of the home buyer tax credit. This increase in purchase applications was primarily for conventional loans, as the seasonally adjusted conventional purchase index was at its highest level since October 2009. The unadjusted purchase index increased 9% compared with the previous week and was 26% higher than the same week one year ago.