Source: Housing Wire —
Mortgage applications climbed 1.4% for the week ending Jan. 7, 2022, according to a survey published by the Mortgage Bankers Association this week. The growth was buoyed by a 2% increase in the trade group’s seasonally adjusted purchase index, the MBA said.
Per the report, the unadjusted purchase index increased 51% compared to the previous week but was 17% lower than the same week one year ago.
On the refinance front, the trade group’s refi index dipped by 0.1% from the previous week, coming in 50% lower than the same week one year ago.
Joel Kan, associate vice president of economic and industry forecasting at the MBA, said in a statement that the increase in mortgage rates is curtailing refinance activity.