September brings mortgage activity resurgence

TRD New York /
Sep.September 12, 2012 08:30 AM

As the calendar turned to September, mortgage activity also turned a page following a dismal August. Mortgage applications increased 11.1 percent for the week ending Sept. 7, according to weekly data from the Mortgage Bankers Association released today. The data was adjusted for the holiday weekend, on an unadjusted basis mortgage applications actually fell 12 percent.

Refinance applications increased 12 percent from the previous week on an adjusted basis, and applications for purchases rose 8 percent from the past week. However, the MBA acknowledged that the holiday adjustments may have overstated activity level because internet originations for refinances saw little decline over Labor Day.

Refinances increased to 80 percent of all applications, compared to 79 percent the prior week.

Mortgage rates fell across the board last week. Interest rates for 30-year fixed-rate loans with conforming balances dropped to 3.75 percent from 3.78 percent, while similarly termed jumbo loans declined to 4.00 percent from 4.05 percent. Rates for Federal Housing Administration-backed 30-year fixed-rate loans slumped to 3.50 percent from 3.54 percent and 15-year fixed-rate loan rates dropped to 3.07 percent from 3.10 percent. — Adam Fusfeld

Related Articles

Housing and Urban Development Secretary Ben Carson (Credit: Getty Images, iStock)

HUD wants to jumpstart bank lending on low-income homes

Lenders issued the most mortgages in 14 years last quarter (Credit: iStock)

Nonbank lenders could give serious boost to cooling housing market

The number of closed sales fell by more than 14 percent year over year in the third quarter (Credit: iStock)

Low mortgage rates are killing Manhattan’s all-cash buyer

(Credit: iStock)

Despite housing market slowdown, mortgage lenders just had a great second quarter

The Daily Dirt: The dark cloud hanging over buyers

The Daily Dirt: The dark cloud hanging over buyers

Trump proposal would make getting a mortgage harder for homeowners deep in debt

Trump proposal would make getting a mortgage harder for homeowners deep in debt

Amazon CEO Jeff Bezos and Realogy CEO Ryan Schneider (Credit: Getty Images and iStock)

Everything you need to know about Realogy and Amazon’s TurnKey partnership

The trend could reverse as younger people start to enter the real estate market (Credit: iStock)

Almost 40% of homes in the US are