Adjusted Apps Off Slightly, but Refis Rise

Mortgage applications rose 24.1% for the week ended Sept. 18 from the holiday-shortened Labor Day week, but despite a real increase in the Refinancing Index the overall Market Index was down slightly on a seasonally adjusted basis, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey.The Purchase Index rose 13.6%, the Refinancing Index jumped 32.5%, the Conventional Index increased 24.9%, and the Government Index was up 20.5%, the survey indicated. On a seasonally adjusted basis, the Market Index slipped from 572.3 the previous week to 570.5; the Purchase Index decreased from 302.5 to 278.3; the Refinancing Index rose from 2141.9 to 2269.9; the Conventional Index inched up from 742.6 to 744.7; and the Government Index fell from 288.2 to 279.8. Refinancings represented 59.1% of total applications, up from 55.4% the previous week, while adjustable-rate mortgages accounted for 7.7%, unchanged from the week before. Overall, applications were 94.1% higher than in the same week last year. The address of the MBA's website is http://www.mbaa.org.