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Mortgage apps down 9 percent: MBA

September 15, 2010 01:30PM

U.S. mortgage loan application volume — particularly among customers looking to refinance their homes — declined significantly last week, even after a downward adjustment in the numbers to account for the Labor Day holiday, according to the latest data from the Mortgage Bankers Association. Overall, applications were down 8.9 percent week-over-week. Refinancing applications dropped 10.8 percent, while purchasing applications held steadier, experiencing just a 0.4 percent week-over-week drop. Meanwhile, after a one-week reprieve, interest rates continued in their downward trend, with the 30-year fixed-rate mortgage decreasing to 4.47 percent from 4.50 last week and the 15-year fixed-rate mortgage decreasing to 3.96 percent from 4 percent one week ago. TRD