The Mortgage Bankers Association (MBA) reported Wednesday that the seasonally adjusted Refinancing Index increased by 21% to 1982.7 from 1640.5 the previous week. JPMorgan Securities analysts called the number "tame" considering mortgage rates. The 30-year no-point mortgage rate now ranges from 5.875% to 6.0%. Researchers also report that in January the current coupon and the Freddie Mac survey rates were comparable to current levels, however, the Refi Index was over 2100. JPMorgan predicts the Refinancing Index approaches 2300 next week. Meanwhile, the adjusted Purchase Index rose to 467.1, up 6.2% from 440.0 the previous week. The overall ARM share of applications (by dollar volume) was under 48%, decreasing slightly from the prior week.

In last week's Freddie Mac primary mortgage market survey, mortgage rates moved lower for the second consecutive week, with the survey rate falling 14 basis points to 5.85%. Countrywide Securities said that considering Friday's market close and the current rate level, analysts do not see much change in the rate, predicting the print to stay near the current level of 5.85%.

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