MBA: Purchase and Refi Applications Pick Up After Holiday Lull

Mortgage applications increased 11.7 percent over the week last week, with refinances rising 12 percent and purchase applications up 10 percent, according to the ""Mortgage Bankers Association "":http://www.mortgagebankers.org/default.htm (MBA).

The seasonally adjusted application rate includes an adjustment to account for New Year's Day.

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When seasonal adjustments are removed, last week's 11.7 percent market composite increase rises to 49 percent.

When measured on an unadjusted basis, purchase applications also rose 49 percent over the week and 8 percent year-over-year.

However, compared to two weeks ago--prior to the holidays--purchase applications have declined 2 percent, according to the MBA.

The 12 percent rise in refinance activity over the week kept the total share of refinance activity at 82 percent for the week, matching the previous week's share.

Adjustable-rate mortgages made up 3 percent of total mortgage applications last week.

The MBA also noted in its ""weekly survey"":http://www.mortgagebankers.org/NewsandMedia/PressCenter/83078.htm that the 30-year fixed-rate mortgage is at its highest rate since the first week of November 2012. The rate rose from 3.52 percent to 3.61 percent.