Mortgage Application Volume Rises for Second Week in a Row

For the second week in a row, mortgage application volume rose according to the Mortgage Bankers Association’s (MBA) Weekly Application Survey for the week ending September 20th. The survey results reflected a 5.5% increase in mortgage applications from the prior week. Refinance and purchase activity both showed increases on a seasonally adjusted basis at 5% and 7%, respectively. “The refinance share of mortgage activity was unchanged at 61 percent of total applications.” The MBA noted that the average interest rate for conforming 30-year fixed-rate mortgages decreased from 4.75% last week to 4.62% in this week’s survey. Interest rates for the 15-year fixed-rate mortgage also declined to 3.68% from 3.81% last week.

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