The Mortgage Bankers Association reported a significant increase in mortgage applications for the week ending Jan. 10, 2025, with total applications up 33.3% from the previous week.
Bond yields have moved higher due to sticky inflation concerns, resulting in mortgage rates rising for five consecutive weeks, with the 30-year fixed rate now at 7.09%.
Joel Kan, MBA vice president, highlighted that this time of year is volatile for application volumes, advising to focus on overall levels rather than percentage changes.
Purchase applications were 2% lower than a year ago, while refinances saw a significant increase of 22%, reflecting ongoing market fluctuations.
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