NEW YORK – Mortgage loan application volume declined 1.4% on a seasonally adjusted basis in the week ended September 17, while surging 22.9% on an unadjusted basis from the prior week, which included the Labor Day holiday, the Mortgage Bankers Association said Wednesday.
The refinance index fell 0.9%, its third straight slip, while the seasonally adjusted purchase index dropped 3.3%, and the unadjusted purchase index rose 18.9%. Compared to the same week a year ago, the unadjusted purchase index fell 38.0%.
The four-week moving average for the seasonally adjusted market index fell 2.3%, while the four-week moving average for the seasonally adjusted purchase index gained 1.0%, and the four-week refinance index declined 3.0%.
Refinancings accounted for 81.1% of volume, up from 80.5% the prior week, while adjustable-rate mortgages (ARM) declined to a 5.9% market share from 6.2%.
The interest rate on 30-year fixed-rate mortgages dipped to 4.44% from 4.47%, while 15-year fixed-rate mortgages slipped to 3.88% from 3.96%, and one-year ARMs increased to 6.96% from 6.89%.
