Mortgage application volume fell 1.8% on an adjusted basis during the week ended Sept. 7, as the average rate for a 30-year fixed-rate mortgage increased to 4.84%, up from 4.80% the previous week, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.
It was the third consecutive week that application volume decreased.
What’s more, mortgage application volume had, as of the week ended Sept. 7, fallen for eight of the previous nine weeks.
The estimate includes an adjustment for the Labor Day holiday.
Applications for refinances decreased 6% to reach the lowest level since December 2000, while applications for purchases increased 1%, according to the MBA’s data.
On an unadjusted basis, total volume decreased 13% compared with the previous week. Applications for purchases decreased 11% on an unadjusted basis but were 4% higher compared with the same week one year earlier.
The refinance share of mortgage activity decreased to 37.8% of total applications, down from 38.9% the previous week.
The adjustable-rate mortgage (ARM) share of activity increased to 6.4% of total applications.
The average rate for a 5/1 ARM was 4.07%, down from 4.09%.