Mortgage loan applications fell for the first time in six weeks in the week ending Sept. 3 as rising interest rates prompted refinancing activity to moderate, according to the Mortgage Bankers Association’s weekly mortgage applications.
Market activity was down 1.5% on a seasonally adjusted basis from the prior week. The purchase index rose 6.3%, but purchase activity was down 38.8% from the same week in 2009. The refinancing index fell 3.1%. The four-week moving average for the seasonally adjusted market index gained 4.4% from a week ago. The four-week moving averages for the purchase index rose 1.3% and the refinance index jumped 5.0%.