Mortgage Applications Inch Higher in the Week Ending January 17

According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Friday, January 17, the Market Composite Index—a measure of mortgage loan application volume—increased 0.1% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 3.0% compared with the previous week.

The Refinance Index increased 3.0% from the previous week and was 42.0% higher than the same week one year ago.

The seasonally adjusted Purchase Index increased 1.0% from one week earlier. The unadjusted Purchase Index increased 7.0% compared with the previous week and was 2.0% higher than the same week one year ago.

Commenting on the results of this week’s survey, MBA Senior Vice President and Chief Economist Mike Fratantoni said:

“Mortgage application volume was little changed last week, but there was a small increase in conventional purchase volume, which brought the level of total purchase volume up almost 2% above last year at this time. Mortgage rates remained near 7%, a key psychological level, which likely continues to slow the pace of activity for both refinances and purchases. Incoming economic data are likely to keep the Federal Reserve on hold for now, while uncertainties about economic policy are likely to keep longer-term rates, including mortgage rates, steady at these levels.”