Talking Points …
- Mortgage applications increased 14.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending January 16, 2015.
- Mortgage application volume increased last week to its highest level since June 2013, led by a 22 percent increase in refinance application volume. This increase was largely due to mortgage rates dropping to their lowest level since May 2013.
- The refinance share of mortgage activity increased to 74 percent of total applications, the highest level since May 2013, from 71 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 6.4 percent of total applications.