MBA’s weekly mortgage application survey up 2.9 pct for week ending Sept. 30

The Mortgage Bankers Association (MBA) recently released its weekly mortgage application survey for the week ending on Sept. 30.

The report said the market composite index, which measures mortgage application volume, increased 2.9 percent compared to one week earlier on a seasonally-adjusted basis. On a non-adjusted basis, the index increased by 3 percent compared to a week prior. Additionally, the report found the refinance index increased 5 percent from the previous week, while the seasonally-adjusted purchase index decreased by 0.1 percent compared to the previous week.

The unadjusted purchase index decreased 0.2 percent compared to the week prior and was 14 percent lower than the same week one year ago.

Additional findings in the report included an increase in the refinance share of mortgage activity to 63.8 percent of total applications, up from 62.7 percent in the previous week. The adjustable-rate mortgage share of activity increased to 4.5 percent of total applications.

The average contract interest rate for for 30-year fixed-rate mortgages  with conforming loan balances was found to have decreased by 3.62 percent, the lowest level since July. The average contract interest rate for 30-year fixed mortgages with jumbo loan balances decreased to 3.6 percent from 3.64 percent.

The Mortgage Bankers Association is a leading advocate for the real estate finance industry.