After increasing 9.9% the previous week, mortgage application volume decreased 9.7% during the week ended Sept. 15, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.
Applications for refinances decreased 9% while applications for purchases feel 11%.
The MBA adjusted its results to account for the Labor Day Holiday on Sept. 4.
On an unadjusted basis, total volume increased 12% compared with the previous week. Applications for purchases increased 10%, on an unadjusted basis, and were 2% higher compared with the same week one year earlier.
The refinance share of mortgage activity increased to 52.1% of total applications.
Rates were more or less flat. The average rate for a 30-year fixed-rate mortgage, based on closings, was around 4.04%, up slightly from 4.03%.