Mortgage applications surged a seasonally adjusted 21 percent last week on increased demand for both refinancings and purchase loans, the Mortgage Bankers Association said today in releasing the results of its Weekly Mortgage Applications Survey.

Applications for refinancings were up 26.3 percent for the week ending Jan. 29, and the seasonally adjusted purchase index was up 10.3 percent from a week earlier.

Mortgage applications surged a seasonally adjusted 21 percent last week on increased demand for both refinancings and purchase loans, the Mortgage Bankers Association said today in releasing the results of its Weekly Mortgage Applications Survey.

Applications for refinancings were up 26.3 percent for the week ending Jan. 29, and the seasonally adjusted purchase index was up 10.3 percent from a week earlier.

Requests for refinancings accounted for 69.2 percent of all loan applications, up from 67.6 percent the previous week.

The average contract interest rate for 30-year fixed-rate mortgages decreased to 5.01 percent from 5.02 percent, with points increasing to 1.04 from 1 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 4.33 percent from 4.34 percent, with points increasing to 1.17 from 1.14 (including the origination fee) for 80 percent LTV loans.

The average contract interest rate for one-year ARMs decreased to 6.7 percent from 6.84 percent, with points increasing to 0.34 from 0.33 (including the origination fee) for 80 percent LTV loans.

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