The rate of mortgage applications dropped 6.7% in the week ending Sept. 25, according to the Mortgage Bankers Association's latest Weekly Mortgage Applications Survey. That's a
The Market Composite Index, which measures the volume of loan applications, decreased by 7% on an unadjusted basis.
The refinance share of mortgage activities decreased from 58.4% to 58%, while the FHA share of total applications rose from 12.9% to 13.8%.
Aside for 5/1 ARMs, for which average contract interest rates remained unchanged, mortgage rates shrank across the board. Rates for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) and those backed by FHA declined by 1 basis point each, to 4.08% and 3.87%, respectively. Rates for 30-year fixed-rate mortgages with jumbo loan balances dropped 3 basis points to 3.96 % and rates for 15-year fixed-rate mortgages dropped 2 basis points to 3.29%.
