The Mortgage Bankers Association (MBA) Market Composite Index for the week ending Sept. 3 decreased 1.5% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the index decreased 1.9% compared with the previous week.
The Refinance Index decreased 3.1% from the previous week – the first drop in refinance volume in six weeks, the MBA reports.
The seasonally adjusted Purchase Index increased 6.3% from one week earlier, and the unadjusted Purchase Index increased 4% compared with the previous week, but was 38.8% lower than the same week one year ago.
"Purchase applications increased last week, reaching the highest level since the end of May,’ notes Michael Fratantoni, the MBA's vice president of research and economics. ‘However, purchase activity remains well below levels seen prior to the expiration of the home-buyer tax credit, and is almost 40 percent below the level recorded one year ago."
SOURCE: Mortgage Bankers Association