NEW YORK – Mortgage applications dropped 8.9% on a seasonally adjusted basis in the week ended September 10, while plunging 27.4% on an unadjusted basis, the Mortgage Bankers Association reported in its Weekly Mortgage Applications Survey, released Wednesday.
This week's results were adjusted to account for the Labor Day holiday.
Refinancings declined 10.8% from the previous week. The seasonally adjusted purchase index slipped 0.4%, while the unadjusted purchase index slumped 21.9% in the week and was down 39.7% from the same week a year ago.
The four-week moving average for the seasonally adjusted market index fell 0.8%. The seasonally adjusted purchase index four-week moving average rose 2.0%, while the refinance index four-week average decreased 1.4%.
Refinancings accounted for 80.5% of applications, off from 81.9% the previous week, while adjustable-rate mortgages (ARM) were 6.2% of the market, up from 6.1% the prior week.
The average 30-year fixed rate mortgage interest rate was 4.47%, down from 4.50% the previous week, while 15-year fixed rate mortgages fell to 3.96% from 4.00% and one-year ARMs decreased to 6.89% from 7.00%.
