Mortgage applications decreased 0.2% in the week ended September 14, despite record low loan interest rates, according to data from the Mortgage Bankers Association's weekly mortgage applications survey.
The refinance index increased 1%, while the unadjusted purchase index soared 18%.
Refinances were 81% of total applications, up from 80% the previous week, while adjustable-rate mortgages accounted for 5.0% of total applications, also higher than the prior week.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) decreased to 3.72%, the lowest rate in the history of the survey, from 3.75%.
The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.03%, the lowest rate in the history of the survey, from 3.07%.