The Market Composite Index measure of mortgage loan application volume increased by 5.8% on a seasonally-adjusted basis over the course of the week ending January 6th, 2017, according to the Mortgage Bankers’ Association’s Weekly Mortgage Application Survey. (This week’s results include an adjustment for the New Year’s holiday, and the previous week’s results include an adjustment for the Christmas holiday.)

On an unadjusted basis, the Index increased by 42% over this period. The Refinance Index increased by 4% from the previous week. The seasonally-adjusted Purchase Index increased by 6%, and the unadjusted Purchase index increased by 45%. This index is 18% lower than it was the same week one year ago.

The refinance share of mortgage activity decreased to 51.2% of all applications, down from 52.2% the previous week. The adjustable-rate mortgage share increased to 5.5% of all applications. The FHA share increased to 11.7% from 11.6%, the VA share increased to 12.8% from 12.3%, and the USDA share decreased to 0.9% from 1.1%.

For 30-year fixed-rate mortgages, the average contract interest rate for loans with conforming balances ($417,000 or less) decreased to 4.32% from 4.39%. Points for 80% loan to value (LTV) loans under this definition decreased to 0.41 from 0.43. (All 80% LTV loan reports include the origination fee.) For loans with jumbo balances (greater than $417,000), the average contract interest rate decreased to 4.27% from 4.37%, with points decreasing to 0.31 from 0.44 for 80% LTV loans. The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA fell to 4.08% from 4.22%, with points for 80% LTV loans increasing from 0.35 from 0.34.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.56% from 3.64%. Points for 80% LTV loans increased to 0.42 from 0.38.

The average contract interest rate for 5/1 ARMs increased to 3.32% from 3.28%. Points for 80% LTV loans increased to 0.46 from 0.42.