The traditional
end of summer was accompanied by a tiny boost in the volume of mortgage
applications. The Mortgage Bankers Association said its seasonally adjusted Market
Composite Index, a measure of mortgage loan application volume, increased 0.3
percent during the week ended September 10 on a seasonally adjusted basis from
one week earlier. The index included an additional adjustment to account for
the shortened week following the Labor Day weekend. The Index dropped 10
percent on an unadjusted basis. The seasonally
adjusted Purchase Index rose 9 percent although it was 5 percent lower than the
previous week on an unadjusted basis and was 12 percent behind the same week
one year ago.


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