Mortgage application volume fell a seasonally adjusted 2.8 percent during the week ending September 25, according to the Mortgage Bankers Association.
It was down 3.1 percent on an unadjusted basis compared to one week earlier, but still up 44.3 percent compared with the same week a year ago.
The decline was led by a 6.2 percent decrease in purchase activity and a 0.8 percent drop in refinance applications.
The unadjusted purchase index was actually off 6.9 percent compared with the previous week and 10.6 percent compared with the same week last year (so much for that tax credit eh?).
The refinance share of mortgage activity climbed to 65.3 percent of total applications, up from 63.8 percent a week earlier as mortgage rates marched lower.
The benchmark 30-year fixed slipped to 4.94 percent from 4.97 percent, while the 15-year fixed hit a fresh record low at 4.34 percent, down from 4.41 percent.
The one-year adjustable-rate mortgage slid to 6.40 percent from 6.52 percent, but it couldn’t prevent the ARM-share of activity from falling to 6.2 percent of apps from 6.7 percent a week before.
Keep in mind that these interest rates will vary based on a number of pricing adjustments, and also require mortgage points to be paid.
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