According to new figures compiled by the Mortgage Bankers Association, loan applications increased on a sequential basis by 6.3% for the week ending Sept. 9. (The figures, which are seasonally adjusted, also take into account the Labor Day holiday.)
Refinance applications continued to dominate, accounting for 77.3% of all new business, compared to 77.1% one week prior.
As expected, consumers continue to favor 30-year and 15-year fixed rate products. MBA found that the average contract rate for a 30-year FRM declined 6 basis points during the week to 4.17%, setting another all time low. Points decreased to 0.94 from 1.04 (including the origination fee) for 80% loan-to-value ratio loans.
MBA tracks activity through its proprietary application index.
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