Mortgage Applications Surge

The new year is seeing a surge in mortgage activity reflecting a strong jobs market and low rates, according to the Mortgage Bankers Association's weekly report. Purchase applications surged 18 percent in the January 8 week with refinancing applications up 24 percent. These gains, however, also reflect volatility in weekly measures and largely reverse giant swings in the prior week's data. The average rate for conforming loans ($417,000 or less) fell 8 basis points in the week to 4.12 percent.