The first week of the New Year was a good one – no make that a great one
– for mortgage activity with virtually unprecedented increases in mortgage
applications both for purchase and refinance.
While the figures were partially affected by the resumption of more
normal business activity following the Christmas holidays, the surge in
applications was nonetheless remarkable.
As context, application volume as measured by the Mortgage Bankers
Association’s (MBA’s) Market Composite Index was down 9.1 percent on a
seasonally adjusted basis over the two week holiday period ended January 2 was
down 9.1 percent including an adjustment to account for the holiday. The volume was down 37 percent on an