WASHINGTON–New year, new mortgage activity. The Mortgage Bankers Association reported that mortgage application volume was up 21.3% in the week after the holidays versus the prior week.
"The good news for the new year is that following the holidays, application activity last week resumed at levels just exceeding those observed during early December, suggesting that the purchase market has picked up right where it left off," said Lynn Fisher, MBA's vice president of research and economics, in a released statement.
The MBA reported that applications to refinance loans increased 24% during the same week, although volume was 38% below where it stood at the same time one year earlier
The average contract interest rate for 30-year fixed-rate mortgages decreased to 4.12% last week from 4.20% the previous week, the MBA said.