According to The Mortgage Bankers Association’s Weekly Applications Survey, the seasonally adjusted Market Composite Index, which measures total mortgage loan application volume, increase 0.6 percent last week from the previous week. On an unadjusted basis, the index was up 25.2 percent from the week before, which included Labor Day. The Refinance Index gained 2.2 percent and the seasonally adjusted Purchase Index fell 4.7 percent, though the unadjusted Purchase Index was up 17.1 percent. Refinance activity accounted for 78.3 percent of total loan requests, up from 76.8 the week before. The average contract interest rate for 30-year fixed-rate mortgage was 4.29 percent. More here and here.
Theresa Springer’s Blog
Mortgage Application Activity Increases
September 21, 2011
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