The article discusses how rate lock activity rose sharply in January from December’s depths. This is according to data from Mortgage Bankers Association’s (MBA) Mortgage Application Survey. The MBA’s index of loan application activity, which includes both purchase and refinance applications, increased by 11.1% in January from the previous month. The index is now at its highest level since June 2013.

The MBA’s measure of purchase applications also rose in January, increasing by 5.0% from December. This is the third consecutive monthly increase in purchase applications. The index is now at its highest level since April 2010.

Refinance activity also increased in January, rising by 16.0% from the previous month. This is the largest monthly increase in refinance activity since May 2013. The share of applications for refinance loans increased to 42.0%, the highest level since September 2013.

Overall, the data from the MBA’s Mortgage Application Survey suggests that mortgage activity increased significantly in January from the previous month. This is likely due to a combination of factors, including the decrease in mortgage rates that occurred in December and continued improvement in the housing market.

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