Mortgage applications for the week ending Jan. 4 shot up 11.7% even as interest rates edged up during the same period according to the Mortgage Bankers Association.
The refinance index, which measures refinancing application volume, shot up 12% from the previous week. Still, when compared to the pre-holiday period two weeks earlier, the index edged up a little less than 1%.
Overall, refinancing activity still made up 82% of all mortgage applications.
The purchase index also rose 10% from the previous survey, but is down 2% from the pre-holiday period two weeks ago.
The average contract interest rate for the 30-year, FRM with a conforming loan balance increased to 3.61% from 3.52%, while the average 30-year FRM with a jumbo balance edged up to 3.78% from 3.75%.
The 30-year, FRM backed by the FHA grew to 3.35%, up from 3.34%. In addition, the 15-year, FRM edged up to 2.88% from 2.86%.