Mortgage loan applications fell 8.6 percent on seasonally adjusted basis for the week ending September 11, according to the Mortgage Bankers Association.
On an unadjusted basis, apps were down 18.3 percent compared to one week earlier and 18.7 percent compared with the same week a year ago.
Refinance applications slid 7.4 percent from the previous week and seasonally adjusted purchases were off 10.3 percent.
That pushed the refinance share of mortgage activity to 61 percent of total applications, up from 59.8 percent.
Interest rates were a mixed bag, with the 30-year fixed up to 5.08 percent from 5.02 percent a week ago, and the 15-year fixed slipping to 4.41 percent from 4.45 percent.
The one-year adjustable-rate mortgage decreased to 6.61 percent from 6.69 percent, which pushed the ARM-share of apps to 6.0 percent form 5.8 percent.
The MBA’s weekly survey covers roughly half of all retail, residential loan applications, but does not factor out declined or multiple apps.
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