Mortgage application volume decreased 0.4%, on an adjusted basis, during the week ended Sept. 29, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey, which covers about 75% of the U.S. mortgage market.
Applications for refinances decreased 2% while applications for purchases increased 1%.
On an unadjusted basis, total volume decreased 1% compared with the previous week. Applications for purchases increased 1%, on an unadjusted basis, and were 5% higher compared with the same week one year earlier.
The refinance share of mortgage activity decreased to 50.1%.
Rates increased slightly with the average rate for a 30-year fixed-rate mortgage at 4.12%, up from 4.11% the previous week.
About 6% of applications were for adjustable-rate mortgages, down from the previous week.