Prospective borrowers completed more mortgage applications in the week that included New Year’s than in the week that included Christmas. Refinances drove the gain.

A seasonally adjusted 8 percent increase from the previous seven-day period was recorded for the Market Composite Index for the week ended Jan. 5.

The index, which is a measure of retail single-family loan applications, soared 46 percent from the preceding week when seasonal factors are disregarded.

Source: Mortgage Daily