NEW YORK – Mortgage loan application volume fell 1.5% on a seasonally adjusted basis in the week ending September 3, and slid 1.9% unadjusted, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey, as refinancing volume fell 3.1%.
The seasonally adjusted purchase index rose 6.3%, while the unadjusted purchase index increased 4.0% in the week, but was down 38.8% from the same week a year ago.
"Purchase applications increased last week, reaching the highest level since the end of May. However, purchase activity remains well below levels seen prior to the expiration of the homebuyer tax credit, and is almost 40 percent below the level recorded one year ago," said Michael Fratantoni, MBA's Vice President of Research and Economics. "On the other hand, refinance volume dropped last week for the first time in six weeks, but the level of applications to refinance remains close to recent highs, as historically low mortgage rates continue to draw borrowers into the market."
The four week moving average for the seasonally adjusted market index gained 4.4%, while the four week seasonally adjusted purchase index increased 1.3%, and the refinance index jumped 5.0%.
Refinancings accounted for 81.9% of applications in the week, down from 82.9% the previous week, while adjustable-rate mortgages held a 6.1% share, unchanged from last week.
A 30-year fixed-rate mortgage rose to 4.50% from 4.43%, while 15-year fixed-rate mortgages increased to 4.00% from 3.88%, and one-year ARMs climbed to 7.00% from 6.95%.
