Mortgage applications fell for the week ending Sept. 6 fell 13.5 percent from a week earlier, the Mortgage Bankers Association announced today.
The Refinance Index slipped 20 percent, a 71 percent drop from its peak in May. The index is at its lowest level since June 2009. The seasonally adjusted Purchase Index fell 3 percent from a week earlier, while the unadjusted Purchase Index dropped 14 percent percent in the same span of time. The latter was an increase of 7 percent from the same week last year, the group said.
The refinance share of mortgage activity is now at 57 percent of total applications, a drop from 61 percent the previous week. It hasn’t been this low since April 2010, the report said. – Mark Maurer