Even though the rates for the 30-year fixed-rate conforming mortgage rose to their highest level since November, application volume was up 11.7% for the week ended Jan. 4, according to the Mortgage Bankers Association.
The data include an adjustment for New Year’s Day, while for
The Refinance Index increased by 12% while the seasonally adjusted Purchase Index rose 10%. On an unadjusted basis, purchase applications are 8% lower than the same week in 2012.
The market share of refi apps remained at 82%. HARP refi apps fell to 25% from 27%,
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) increased by 9 basis points to 3.61%. The average contract interest rate for 30-year FHA-insured loans increased one basis point to 3.35%.
The average contract rate for jumbo 30-year FRMs rose three basis points to 3.78%, while for 15-year FRMs it increased two basis points to 2.88%. The rate for the 5/1 ARM was down one basis point to 2.64%.
