Weekly Mortgage Application Activity Falls 6%: MBA

Mortgage applications fell 6.2% from a week earlier on a seasonally adjusted basis for the seven days ended Sept. 4, according to the Mortgage Bankers Association.

The MBA's Market Composite Index, which measures mortgage loan application volume, increased 7% on an unadjusted basis for the same week.

Refinance application volume decreased 10% from the previous week. Purchase apps decreased 1% on a seasonally adjusted basis and 3% on an unadjusted basis. It was 41% higher than the same week a year ago.

The figures were further adjusted for the Labor Day holiday, which shifted from the first week of September last year to the second week this year.

Refinancings as a share of all mortgage activity fell to 56.9% of total applications from 58.7%.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased two basis points from the previous week to 4.1%. The 30-year jumbo ($417,000 or greater) fixed-rate mortgage interest rate fell two basis points to 4.03%.