Mortgage Applications Rose 9.9% Last Week

Washington, DC, September 14, 2017-Mortgage applications increased 9.9% from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending September 8.

This week's results included an adjustment for the Labor Day holiday.

The Market Composite Index, a measure of mortgage loan application volume, increased 9.9% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 13% compared with the previous week. The Refinance Index increased 9% from the previous week. The seasonally adjusted Purchase Index increased 11% from one week earlier. The unadjusted Purchase Index decreased 13% compared with the previous week and was 7% higher than the same week one year ago.

The refinance share of mortgage activity increased to 51.0% of total applications from 50.9% the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 6.7% of total applications.

The FHA share of total applications increased to 9.9% from 9.6% the week prior. The VA share of total applications increased to 10.3% from 9.7% the week prior. The USDA share of total applications remained unchanged from the week prior at 0.7%.