Mortgage application activity reverses course

First increase in four weeks

Mortgage applications increased 6.3 percent on a seasonally adjusted basis nationwide for the week ending Sept. 9, according to weekly data from the Mortgage Bankers Association released today. It’s the first increase in four weeks. Without factoring in the Labor Day holiday, the applications decreased 15.4 percent from the prior week.

Refinancings also increased 6 percent from the previous week, marking the first gain in refinancings in three weeks. That index is not seasonally adjusted.

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The refinance share of mortgage activity increased to 77.3 percent of total applications from 77.1 percent the previous week. The adjustable-rate mortgage share of activity decreased to 6.9 percent of total applications, from 7.1 percent the prior week.

Meanwhile, mortgage rates continued to sink lower. The average contract interest rate for 30-year fixed-rate mortgages decreased to 4.17 percent from 4.23 percent, while the average contract interest rate for 15-year fixed-rate mortgages decreased to 3.40 percent from 3.41 percent. — Adam Fusfeld

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