Mortgage Applications Rose Last Week

Mortgage applications increased last week after adjustment for the Labor Day holiday, according to the Mortgage Bankers Association Weekly Mortgage Applications Survey released yesterday.

The market composite index, seasonally adjusted, rose 9.5% to 496.2 from 453.1 one week earlier. On an unadjusted basis, the index decreased 13.6% from the previous week and was down 24.4% from Labor Day week last year.

The refinance index, which was also adjusted for the holiday, increased 15.4% to 1222.9 from the previous week; unadjusted, the refinance index dropped 7.7% from the previous week.

The seasonally adjusted purchase index grew 6.4% in the week to 371.5, while the conventional purchase index rose 14.4%, and the government purchase index — largely Federal Housing Administration — decreased 8.7%.

The four-week moving average for the seasonally adjusted market index rose 4.1%. The four-week moving average for the seasonally adjusted purchase index grew 4.4%, and the average for the refinance index gained 3.5%.

Refinancings accounted for 36.3% of total applications, up from 34.0 % the previous week, while adjustable-rate mortgages decreased to 6.4% from 6.6% of total applications.

The average interest rate for 30-year fixed-rate mortgages decreased to 6.06% from 6.39.

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