Mortgage applications decreased 4.9 percent nationwide for the week ending Sept. 2, according to weekly data from the Mortgage Bankers Association released today. Refinancings also decreased 6.3 percent from the previous week.
The refinance share of mortgage activity decreased to 77.1 percent of total applications from 77.8 percent the previous week. The adjustable-rate mortgage share of activity remained at 7.1 of total applications.
The average contract interest rate for 30-year fixed-rate mortgages decreased to 4.23 percent from 4.32 percent, while the average contract interest rate for 15-year fixed-rate mortgages decreased to 3.41 percent from 3.59 percent.
“Heading into the Labor Day weekend, the 30-year rate was at its second lowest level in the history of our survey, and the 15-year rate marked a new low in our survey,” said Mike Fratantoni, MBA’s vice president of research and economics. “Despite these rates however, refinance application volume fell for the third straight week, and is more than 35 percent below levels at this time last year. Purchase application volume remains relatively flat at extremely low levels, close to lows last seen in 1996.”
— Katherine Clarke