Mortgage application volume was flat during the week ended Sept. 28, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.
Applications for refinances decreased 0.1% on an adjusted basis while applications for purchases increased 0.1% compared with the previous week.
On an unadjusted basis, total volume decreased 0.2% compared with the previous week. Applications for purchases decreased 0.2% compared with the previous week but were 3% higher compared with the same week one year earlier.
The refinance share of mortgage activity remained unchanged at 39.4% of total applications.
The adjustable-rate mortgage (ARM) share of activity increased to 7.1%.
The average rate for a 30-year fixed-rate mortgage was 4.96%, down slightly from 4.97%.
The average rate for a 5/1 ARM was 4.24%, up from 4.22% to reach a survey high.
