Moving on from the latest holiday season, loan originators initiated more new business during the latest seven-day period.
The Market Composite Index increased 6 percent on a seasonally adjusted basis during the week that ended on Jan. 6.
With no seasonal adjustments, the index — a gauge of mortgage loan application volume — soared 42 percent from the prior week.
Those statistics, as well as a series of other metrics, are included in the
Mortgage Bankers Association’s Weekly Mortgage Applications Survey. The latest report was adjusted to account for the New Year’s holiday.
Looking at just refinances, activity was up 4 percent from the week ended Dec. 30, 2016.
Refinance share thinned to 51.2 percent from 52.2 percent and was cut from 55.8 percent the same week in 2016.
The trade group reported that purchase applications were up a seasonally adjusted 6 percent for the week.
Foregoing seasonal adjustments, purchase-money activity leapt 45 percent from a week earlier. But applications for purchase financing have diminished 18 percent compared to a year earlier.
Borrowers applying for loans insured by the Federal Housing Administration accounted for 11.7 percent of total applications. FHA share was more broad than 11.6 percent the previous week but was more narrow than 14.4 percent this week last year.
Another 12.8 percent of applications were for mortgages guaranteed by the Department of Veterans Affairs. VA share was wider than 12.3 percent the prior period
and 12.2 percent a year prior.
The report
indicated that interest rates on jumbo mortgages averaged 5 basis points less than conforming rates. The spread widened from a negative 2 BPS the week before but thinned from a negative 10 BPS the year before.
Adjustable-rate mortgage applications made up 5.5 percent of overall volume.
ARM share widened from 5.4 percent in the prior report and 5.1 percent in the week ended Jan. 8, 2016.
