Mortgage Application Volume Falls

Washington, DC, Sept. 16, 2010--Mortgage application volume for the week ended September 10 decreased 8.9%, according to the Mortgage Bankers Association.

The four-week moving average of mortgage applications, which smoothes the volatile weekly figures, was down 0.8%.

The index of refinancing applications decreased 10.8%, reaching its lowest level since the week ended August 6.

Borrowing costs on 30-year fixed-rate mortgages, excluding fees, averaged 4.47%, down 0.03 percentage point from the previous week.

The MBA's purchase index, a tentative early indicator of home sales, decreased 0.4%, the first drop in four weeks.

The MBA said fixed 15-year mortgage rates averaged 3.96%, down from the previous week's 4.00%. Rates on one-year adjustable-rate mortgage, or ARMs, decreased to 6.89% from 7.00%.