Residential loan applications fell 8.9% last week but with purchase money loans taking up a slightly larger percentage of all new business, according to figures compiled by the Mortgage Bankers Association.
The trade group noted that refinance applications accounted for 80.5% of all new business, down from 81.9% the week prior.
MBA, which measures the market using an index, said refi applications fell 10.8%, and purchase money loans by just under 1%. The figures are seasonally adjusted, taking into account the Labor Day holiday which fell on Monday, Sept. 6.
The average contract rate for 30- and 15-year fixed-rate loans changed little for the week ending Sept. 10. The 30-year FRM fell three basis points to 4.47%, MBA found. The comparison is to the week prior. One-year ARMs fell to 6.89% from 7%.
