Mortgage applications rose by just under 1% on a seasonally adjusted basis for the week ending September 16 with refinancings gaining steam, according to new figures compiled by the Mortgage Bankers Association.
Refinancings - which have dominated the business for most of the year - accounted for 78.3% of all new applications, compared to 76.8% the week prior.
At press time, the yield on the bench mark 10-year Treasury was on the decline again, falling to 1.92% and nearing its all-time low.
According to figures compiled by National Mortgages News and the Quarterly Data Report, refis as a percentage of total production fell to 57% in the second quarter, the lowest reading since the fourth quarter of 2008.
However, mortgage rates have fallen steadily in August and early September and some residential lenders are once again staffing up to handle the increased workload.
