A nice improvement in mortgage applications was recorded from the week that included New Year’s. The gain came even as interest rates reached a 10-month high.

In the seven days that finished on Jan. 12, the Market Composite Index ascended more than a seasonally adjusted 4 percent from the preceding week.

But when seasonal factors are discounted, the index — a measure of retail residential loan applications — soared by nearly a third from the week ended Jan. 5.

Source: Mortgage Daily