Unadjusted Apps Fall

Mortgage applications declined 16.2% for the week ended Sept. 11, although the overall Market Index was up on a seasonally adjusted basis, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey.The Purchase Index dropped 22.0%, the Refinancing Index fell 10.9%, the Conventional Index decreased 15.9%, and the Government Index was down 17.4%, the survey indicated. On a seasonally adjusted basis, the Market Index rose from 542.6 the previous week to 572.3; the Purchase Index decreased from 305.1 to 302.5; the Refinancing Index rose from 1924.0 to 2141.9; the Conventional Index climbed from 701.8 to 742.6; and the Government Index rose from 276.9 to 288.2. Refinancings represented 55.4% of total applications, up from 52.1% the previous week, while adjustable-rate mortgages accounted for 7.7%, down from 8.6% the week before. Overall, applications were 80.2% higher than in the same week last year. The address of the MBA's website is http://www.mbaa.org.