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Mortgage application volume increased in the week ending September 18, as sliding interest rates spurred refinancing.
The Mortgage Bankers Association's market composite index, which measures mortgage loan application volume, rose 12.8 percent on a seasonally adjusted basis. On an unadjusted basis the index increased 24.6 percent from the previous week and 14 percent from the same week last year.
The average contract for 30-year fixed-rate mortgages decreased from 5.08 percent to 4.97 percent, marking the first time since mid-May that the rate was below five percent. The rate for 15-year fixed-rate mortgages remained unchanged at 4.41 percent, and the rate for one-year adjustable rate mortgages fell from 6.61 percent to 6.52 percent.
Meanwhile, the MBA's refinance index increased 17.4 percent, after falling 7.4 percent the previous week. The seasonally adjusted purchase index increased 5.6 percent due to applications for government-insured loans. The MBA also reported that the government purchase index is at its highest level ever recorded in the survey, and that the share of government-insured purchase applications was at 45.7 percent, it's highest since 1990.
Refinance shares of mortgage activity also increased, moving up to 63.8 percent of total applications from 61 percent the week before, while the ARM share of activity increased to 6.7 percent of applications, up from 6.0 the previous week.
The four week moving average for the seasonally adjusted market index is up 4.3 percent. The same average is up 0.7 percent for the seasonally adjusted purchase index and up 6.8 percent for the seasonally adjusted refinance index.
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