Mortgage applications increased 4.2% from one week earlier driven by a boost in purchase activity, according to the Mortgage Bankers Association. This week's results included an adjustment for the Labor Day holiday.
The MBA's Weekly Mortgage Applications Survey for the week ending Sept. 9 found that the refinance index increased 2%
However, the market share of refi activity decreased to 62.9% from 64% the previous week.
The seasonally adjusted purchase index increased 9% from one week earlier, while the unadjusted purchase index decreased 15% compared with the previous week and was 8% higher than the same week one year ago.
The adjustable-rate mortgage share of activity increased to 4.6%, while the Federal Housing Administration share increased 1 basis point to 9.6%.
The VA share of total applications increased to 12% from 11.9% and the USDA share increased to 0.7% from 0.6%.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased 1 basis point to 3.67%, while for 30-year jumbo FRMs (loan balances greater than $417,000), it decreased to 3.64% from 3.66%.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 3.5% from 3.52%, while for 15-year fixed-rate mortgages, the average increased to 2.97% from 2.96%.
The average contract interest rate for 5/1 ARMs remained unchanged at 2.87%.
