Mortgage applications fell to their lowest levels in nearly 14 years over the Labor Day holiday, according to a report Wednesday from the Mortgage Bankers Association.
Applications fell 7.2% on a seasonally adjusted basis for the week ending Sept. 5, according to the Washington trade group.
The share of refinance activity dropped two percentage points, to 55%. Adjustable-rate mortgages accounted for 7.5% of applications, down less than a percentage point from the previous week.
The average rate for 30-year fixed-rate mortgages with balances less than $417,000 was 4.27%, or two basis points higher than the previous week. Rates for jumbo loans, meanwhile, fell seven basis points, to 4.15%.
Average rates for 30-year, FHA-backed loans declined by two basis points, to 3.97%.
The MBA’s weekly survey covers 75% of U.S. residential mortgage applications.