Mortgage applications reversed course and rose last week. They were up 3.8% for the week ending September 16 from the prior week. This is according the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.
- The Market Composite Index, a measure of mortgage loan application volume, increased 3.8% on a seasonally adjusted basis from one week earlier.
- On an unadjusted basis, the Index increased 14% compared with the previous week.
- The Refinance Index increased 10% from the previous week and was 83% lower than the same week one year ago.
- The seasonally adjusted Purchase Index increased 1% from one week earlier.
- The unadjusted Purchase Index increased 11% compared with the previous week. It was 30% lower than the same week one year ago.
- The refinance share of mortgage activity increased to 32.5% of total applications from 30.2% the previous week.
- The adjustable-rate mortgage (ARM) share of activity stayed the same, at 9.1% of total applications.