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Mortgage Applications Fall in Mid-September Index

mortgage-appAfter rising on the back of a double-digit jump in refinances, mortgage applications experienced another dive last week, according to figures from the Mortgage Bankers Association (MBA).

For the week ending September 19, the group reported a seasonally adjusted 4.1 percent decline in overall loan application volumes, a step backward after the previous week's 7.9 percent recovery. Unadjusted, applications fell 5 percent from the week prior.

Declines were recorded in both purchase and refinance loan applications, with refinances seeing the larger drop at 7 percent. The drop came as mortgage rates moved up to their highest level since May, averaging 4.39 percent for a 30-year fixed-rate loan.

With the latest decrease, the refinance share of total applications fell to 56 percent for the week.

Meanwhile, applications for home purchases fell 0.3 percent on a seasonally adjusted basis. Taking out seasonal factors, MBA's purchase index was down 2 percent week-to-week and 16 percent compared to this time last year.

About Author: Tory Barringer

Tory Barringer began his journalism career in early 2011, working as a writer for the University of Texas at Arlington's student newspaper before joining the DS News team in 2012. In addition to contributing to DSNews.com, he is also the online editor for DS News' sister publication, MReport, which focuses on mortgage banking news.

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