Mortgage Apps Decline Over Labor Day: MBA

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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.

Article source: http://www.nationalmortgagenews.com/news/origination/mortgage-apps-decline-over-labor-day-mba-1042586-1.html

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