Mortgage Applications Up on Lower Rates

Washington, DC, Sept. 25, 2013 -- Mortgage application volume last week grew 5.5% from the prior week as interest rates fell, the Mortgage Bankers Association said.

On an unadjusted basis, MBA reported the market composite index grew 5%. The refinance index also rose 5%, while the seasonally adjusted purchase index increased 7%.

The refinance share of applications was unchanged at 61%.

The average rate on 30-year fixed-rate mortgages fell to 4.62% from 4.75% in the prior week.