Mortgage Applications Decrease Slighty: MBA

Mortgage applications dropped for the second straight week due to a slight decline in home refinancings.

The Mortgage Bankers Association's market composite index decreased 0.2% on a seasonally adjusted basis for the week ending Sept. 26. A week earlier, the index fell 4.1%.

The refinancing index was down 0.3% from the week before, while the purchase index remained unchanged during this time period.

However, the Washington-based trade group said the seasonally adjusted conventional purchase index increased 1.3% to its highest level since July.

The average interest rate on for a 30-year fixed-rate mortgage plunged six basis points, to 4.33%, after three consecutive weeks of increases. Meanwhile, an average 15-year mortgage dropped one basis point, to 3.55%.

The share of mortgage applicants seeking to refinance held steady at 56%, MBA figures revealed. The adjustable-rate mortgage share decreased to 7.6% of total applications.

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