The Mortgage Bankers Association (MBA) released its report on mortgage applications Wednesday morning, noting a week-over-week increase of 4.2% in the group’s seasonally adjusted composite index for the week ending September 9. The results include an adjustment for the Labor Day holiday. Mortgage loan rates fell on three of five types of loans this past week.
On an unadjusted basis, the composite index decreased by 17% week over week. The seasonally adjusted purchase index increased by 9% compared with the week ended September 2. The unadjusted purchase index decreased by 15% for the week and is now 8% higher year over year.
The MBA’s refinance index increased by 2% week over week, and the percentage of all new applications that were seeking refinancing dropped from 64% to 62.9%.
Adjustable rate mortgage loans accounted for 4.6% of all applications, up from 4.3% in the previous week.
Mortgage News Daily noted Tuesday that since the Brexit vote two months ago:
[C]onventional 30yr fixed rates on top tier scenarios have been as low as 3.25%. The most prevalent rate was 3.375%. While that’s still available today for a few of the most aggressive lenders, you’re more likely to see 3.5%-3.625%. Bottom line, the past few business days have solidified a shift higher of roughly an eighth of a percentage point.
According to the MBA, last week’s average mortgage loan rate for a conforming 30-year fixed-rate mortgage decreased from 3.68% to 3.67%. The rate for a jumbo 30-year fixed-rate mortgage fell from 3.66% to 3.64%. The average interest rate for a 15-year fixed-rate mortgage increased from 2.96% to 2.97%.
The contract interest rate for a 5/1 adjustable rate mortgage loan was unchanged at 2.87%. Rates on a 30-year FHA-backed fixed-rate loan dropped from 3.52% to 3.50%.
Travel Cards Are Getting Too Good To Ignore (sponsored)
Credit card companies are pulling out all the stops, with the issuers are offering insane travel rewards and perks.
We’re talking huge sign-up bonuses, points on every purchase, and benefits like lounge access, travel credits, and free hotel nights. For travelers, these rewards can add up to thousands of dollars in flights, upgrades, and luxury experiences every year.
It’s like getting paid to travel — and it’s available to qualified borrowers who know where to look.
We’ve rounded up some of the best travel credit cards on the market. Click here to see the list. Don’t miss these offers — they won’t be this good forever.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.