NEW YORK - Mortgage loan application volume dipped 0.8% on a seasonally adjusted basis in the week ended September 24, and volume fell 1.0% on an unadjusted basis, the Mortgage Bankers Association said Wednesday.
Refinancings fell 1.6%, the fourth straight weekly decline. The seasonally adjusted purchase index grew 2.4%, driven by a 4.5% increase in government purchase applications, while conventional purchase applications increased 0.8%. The unadjusted purchase index rose 1.5% from the previous week and fell 32.4% from the same week one year ago.
The seasonally adjusted four-week moving average for the market index dropped 3.3%, while the purchase index rose 1.1%, and the refinance index slid 4.2%.
Refinancings accounted for 80.7% of total applications in the week, down from 81.1% the previous week, while adjustable-rate mortgages (ARM) were 6.0% of the total application, up from 5.9% the prior week.
The average interest rate for 30-year fixed-rate mortgages fell to 4.38% from 4.44%, while 15-year fixed-rate mortgages declined to 3.77% from 3.88%, and one-year ARMs rose to 7.04% from 6.96%.
