The Market Composite Index, a measure of mortgage loan application volume, was 1324.8 for the week ending Jan. 9, an increase of 15.8 percent on a seasonally adjusted basis from 1143.8 one week earlier, according to the most recent report from the Mortgage Bankers Association (MBA). On an unadjusted basis, the Index increased 95.7 percent for the week ending Jan. 9, compared with the previous week and was up 52.4 percent compared with the same week one year earlier.
The Refinance Index increased 25.6 percent to 7414.1 for the week ending Jan. 9, compared with 5904.5 the previous week, and the seasonally adjusted Purchase Index decreased 14.1 percent for the week ending Jan. 9, compared with 295.8 344.2 one week earlier. The Refinance Index is at its highest level since the week ending June 2003, according to the report.
The refinance share of mortgage activity increased to 85.3 percent of total applications for the week ending Jan. 9, compared with 79.8 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 1.1 percent for the week ending Jan. 9, compared with 0.9 percent of total applications from the previous week, according to the report.
