The volume of applications for first
mortgages grew by 4.9 percent on a seasonally adjusted basis during the first
full week after Labor Day. The Mortgage Bankers Association (MBA) says its Market
Composite Index, a measure of mortgage loan application volume increased 16
percent during the week ended September 17. The prior week’s numbers had been
adjusted to account for the holiday. The
Refinance Index increased 7 percent from the previous week but was 5 percent
lower than the same week one year ago. The refinance share of mortgage activity
increased to 66.2 percent of total applications from 64.9 percent the previous
week. The
seasonally adjusted Purchase Index was 2 percent higher week-over-week and up
12 percent unadjusted. Volume was 13 percent lower than the same week one year
ago.

 

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