Application Volume
- The Market Composite Index, a measure of mortgage loan application volume, decreased 0.2% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 24% compared with the previous week, which included the Labor Day holiday.
- The Refinance Index increased 1% from the previous week.
- The seasonally adjusted Purchase Index decreased 4% from one week earlier. The unadjusted Purchase Index increased 18% compared with the previous week and was 8% higher than the same week one year ago..
Interest Rates
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) decreased to 3.72%, the lowest rate in the history of the survey.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,500) decreased to 3.99% from 4.00%.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA remained unchanged at 3.50%, matching the lowest rate in the history of the survey.
The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.03%, the lowest rate in the history of the survey.
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The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry. Its membership of over 2,200 companies includes all elements of real estate finance: mortgage companies, mortgage brokers, commercial banks, thrifts, Wall Street conduits, life insurance companies and others in the mortgage lending field.
For additional information, visit MBA's web site: www.mortgagebankers.org.
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