Mortgage applications increased almost 5% from one week earlier, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey for the week ending Jan. 17.
The Market Composite Index, a measure of mortgage loan application volume, also increased almost 5% percent on a seasonally adjusted basis from one week earlier. This index increased 7% compared with the previous week on an unadjusted basis.
The Refinance Index increased 10% from the previous week. The seasonally adjusted Purchase Index decreased 4% from one week earlier. The unadjusted Purchase Index increased 2% compared with the previous week and was 15% lower than the same week one year ago.
The refinance share of mortgage activity increased to 64% of total applications, the highest level in a month. The refinance share was 62% the previous week. The adjustable-rate mortgage share of activity decreased to 7% of total applications.