Mortgage applications gained 11.7% from the week before, as refinancings rose 12% and purchases were up 10%, according to data from the Mortgage Bankers Association's weekly mortgage applications survey for the week ending January 4.
The results include an adjustment to account for the New Year's Day holiday.
Refinances remained 82% of volume, while adjustable-rate mortgages stayed at 3% of applications, and HARPs slipped to 25% of refinance applications from 27% the week before.
The average rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) climbed to 3.61% from 3.52%, while the average 15-year fixed-rate mortgage crept to 2.88% from 2.86%.
